Energy Services Our Energy Services segment, led by the Pipe Coatings and Engineering & Fabrication Divisions, plays a pivotal role in our operations, boasting a strong presence in Malaysia and a network spanning across 16 countries across five continents. Past global challenges, our focus has been on enhancing operational efficiencies and fostering collaboration among our various country operations. This strategic restructuring aims to fortify our foundations, positioning us to capitalise on economic recoveries within our markets. In 2023, our Energy Services demonstrated robust performance, achieving a revenue milestone of RM2.6 billion. A notable achievement during this period was our successful bid on our first Carbon Capture Pipeline Coating Project. This landmark win signifies a significant leap forward for us, positioning our company to take advantage of industry advancements while actively contributing to a sustainable future. This project underscores our commitment to leading environmental sustainability initiatives within the oil and gas sector, aligning with global efforts to reduce carbon emissions and combat climate change. In 2023, we expanded our offerings to include the supply of pre-fabricated buildings to new markets. Contract wins in this area, such as supplying pre-fabricated buildings for our client Schneider, highlight our commitment to diversification and global outreach, with a strong emphasis on sustainability. These prefabricated buildings offer an environmentally friendly alternative, reducing the carbon footprint associated with traditional construction methods. This strategic expansion aligns perfectly with our dedication to environmental sustainability within the oil and gas sector, further reinforcing our company’s commitment to reducing carbon emissions and addressing climate change challenges. Our expertise and market leadership were reaffirmed by other notable contract wins, including pipeline coating projects such as Rosmari-Marjoram and Crux Pipeline during the year. These successes have significantly contributed to our order book of RM2.9 billion, which is set to be executed in the next six to twelve months. These achievements underscore our reputation for delivering high-quality solutions and our ability to establish partnerships with industry leaders, solidifying our position as a trusted and reliable partner in the oil and gas infrastructure services sector. Operationally, 2023 marked significant progress in the mobilisation of our new coating plant for the East African Crude Oil Pipeline Project (“EACOP Project”), laying a solid foundation for operations to commence in the second quarter of 2024. Additionally, our exemplary performance in the pipe coating project for Qatar’s North Field Production Sustainability (“NFPS”) underscored our commitment to delivering exceptional quality and efficiency, further cementing our reputation as a reliable industry partner. Chairman and Managing Director/ Group CEO’s Statement 33 Wasco Berhad
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