Scomi unit sees good revenue from Venezuela

Scomi Group Bhd’s oilfield services subsidiary Scomi Oiltools Sdn Bhd expects the revenue contribution from Venezuela to be maintained at 5% to 8% for this financial year ending Dec 31. Senior vice-president Steve Bracker said the group would like to continue delivering high quality of oilfield services to the country’s oil and gas (O&G) industry before taking it to another level. “We foresee steady revenue contribution from the country over the years,” he told a press conference on business and investment opportunities in Venezuela yesterday. Last year, Scomi Oiltools recorded revenue of US$22.94mil and a net profit of US$3mil in Venezuela. From 2005 to 2007, it achieved a compounded annual growth rate of 21% in terms of revenue in the country.