Kuala Lumpur: EA Technique has made plans to convert an oil tanker into a Floating Storage and Offloading (FSO) vessel next year as part of its expansion plans.
According to Datuk Abdul Hak Md Amin, managing director of the company, the conversion is expected to contribute about $40m to the group’s topline over the next four years.
“The FSO is an ongoing project and slated to be completed in April 2015,” Datuk said.
The company’s shares fell 25.4% on its trading debut on Bursa Malaysia yesterday. Datuk said he believes that the group's earnings will improve going forward given the delivery of new vessels. [12/12/14]