TANJUNG OFFSHORE BERHAD

TANJUNG OFFSHORE BERHAD (662315-U)
ANNUAL REPORT 2009
CHAIRMAN’S STATEMENT
MV Tanjung Gelang
Financial Performance (cont’d)
We are confi dent that the turnaround plan which has been
executed at CERS UK will start to bear results in FYE 2010.
As at 31 December 2009, the Group’s shareholders funds
stood at RM322.08 million as compared to RM322.27 million
as at FYE 2008.
Outlook for the Oil and Gas Industry
We believe that oil fundamentals remain intact and offshore
sentiments are increasingly positive on the back of stabilising
oil prices which are currently hovering at between USD 70-80
per barrel. With the easing credit markets, expected economic
recovery and continuing demand for oil worldwide, we expect
the oil majors to continue to enhance their exploration,
development, production and maintenance activities within
the industry.
On the domestic front, in light of continuing assurances and
commitments from our national oil company, PETRONAS, we
trust that the industry will remain robust and continue to spur
growth in the local upstream and downstream activities within
the industry.
Against this backdrop, we will continue to innovate by
adopting new ideas and approaches in delivering our products
and services within the industry. Through our core business
divisions, we will actively penetrate new niche markets
through the introduction of new technologies, active regional
networking and effective execution of strategic plans. Given
the challenges that we have experienced in the past year, we
remain confi dent and optimistic in the long term fundamentals
of Tanjung within the industry.
THE “208” jack up drilling rig being towed upon completion of upgrading works
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Corporate Social Responsibility
During the year we continued with our corporate social
responsibility programmes to promote:
• Awareness of Health, Safety and Environmental (HSE)
performances;
• Development of Staff; and
• Community Services.
We always ensure that all staff within the Tanjung Group are
aware and perform their tasks in accordance to health, safety
and environmental requirements. We continue to eliminate
any potential risks of injury or hazards at our workplaces and
offi ces through various seminars conducted by professionals
to promote HSE work ethics at all times. Various operational
processes are reviewed and updated regularly so as to ensure
the safety of personnel at all levels of operations in our core
business divisions. All HSE regulations and procedures have
been communicated to all staff, business associates and
visitors to all our offi ces, workshops, operation centres and
vessels. Todate, we have achieved numerous HSE awards
and it further reinforced our commitment to HSE policies and
practices.
Throughout the year, we have organised various in-house
training as well as technical courses to promote staff
development. We believe in growing our own talent and
continuously upgrading our talent pool of workforce. Our
aim is to attract, train and retain the right people so that they
have the ability and drive to deliver competitive advantage and
superior competence.