Maritime CEO

Fuzet Farid: Riding the Malaysian offshore wave

Kuala Lumpur: While much of the shipping industry continues to struggle to make decent profits one area our sister site SeaShip News continues to highlight as booming is in the Malaysian offshore scene, something that keeps local lawyer Fuzet Farid extremely busy.

 
Indeed, talk of any slump leaves Farid bemused. “There hasn’t been a downturn in this business. It is getting busier too,” she says.
 
Farid’s eponymous legal firm that she set up in 2011 is seeing mostly oil and gas shipping acquisitions, often using the Labuan leasing and MISR registrations (Malaysian International Shipping Registry) in their ownership structures. A Labuan structure lends tax benefits as well as access to the Malaysian offshore oil and gas industry.
 

 
On the major differences in Malaysian maritime law and other jurisdictions Farid explains there are really two different regimes in the Malaysian maritime law jurisdiction: the Malaysian domestic regime and the Labuan international offshore regime. The latter targets foreign international players participating in the Malaysian offshore oil and gas industry.
 
On the election result this past week which ensure the ruling party retain power Farid is adamant that the vote will have a significant influence on shipping.  “The result will affect the offshore oil and gas sector very positively,” she says, adding: “Mainly, the risk sharing contracts that were previously held back will be awarded now that there is some certainty.”
 
Farid is a Malaysian law shipping practitioner of 17 years.  She was called to the Malaysian Bar in 1994, but before that the Bar of England & Wales at Middle Temple in 1993, and later the Supreme Court of Singapore in 2000. She obtained her law degree from Downing College, Cambridge University, and a masters in shipping law from Southampton University. She set up her own law firm in two years ago.  [13/05/13]
 
 
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