Yinson Holdings Group executive chairman and md Lim Han Weng expects the floating production, storage and offloading (FPSO) vessel market to grow at an average rate of 10 to 12 new orders per year, ranging from small and mid-size to large units and as a result the market is big enough to be shared by all the main players, local reports said.

Lim noted that it was one of only six credible and reputable global players. “The FPSO market has strong growth potential which the company can capitalise on with our expertise and strong financial background,” Lim was quoted as saying, adding that this was a mission-critical segment where only credible and reputable players with a good track record and balance sheet for the construction of their FPSO units have a chance at tendering. “The O&G industry is capital-intensive and no petroleum companies would award contracts (of FPSO) to unknown players,” he said.

Executive director and group ceo Lim Chern Yuan pointed out that countries in the Asean, African and South American regions offered good prospects and opportunities for the company as there were still largely untapped oil and gas fields in the three regions, as well as the fact that O&G exploration activities would be more rigorous in the coming years in search of new energy supplies.