KUALA LUMPUR, 10 March 2025 – Revenue of Malaysia’s Oil & gas services and equipment (“OGSE”) companies industry reached the highest level in more than 10 years in the financial year ended 2023 (“FY2023”), according to Malaysia Petroleum Resources Corporation’s (“MPRC”) latest edition of OGSE100.

Launched online today, OGSE100 FY2023 revealed that the country’s 1,855 OGSE companies for which data was available as of end-October 2024 recorded revenue of RM83.9 billion. This marks the highest revenue since MPRC began tracking OGSE financial data in 2013, which includes data up to 2005.

The industry also achieved a turnaround in Profit Before Tax (“PBT”) to RM4.8 billion from a Loss Before Tax of RM3.5 billion in FY2022 on the back of lower impairments from public-listed companies (“PLCs”). Excluding the impairment loss, the industry would have registered a PBT of RM8.3 billion.

MPRC’s President/Chief Executive Officer, Mohd Yazid Ja’afar, said, “With the OGSE industry having recovered from the oil price and COVID-19 crises of the last decade, sentiment is positive on the way forward. While some uncertainty remains on the implications from the energy transition and sustainability requirements, recent oil & gas activities have picked up and are expected to stay buoyant over the medium term.”

According to the report, the country’s top 100 OGSE companies by revenue, or the OGSE100, accounted for 76% of the industry’s revenue, with 24 PLCs making up 68% of the OGSE100’s revenue.

Apart from the lower impairment losses, a sampling of the PLCs also showed that drilling, offshore support vessels (“OSV”) and international business operations and contracts further drove growth.

“The higher revenue growth from the drilling segment was attributed to higher average jack-up rig utilisation and increase in Daily Charter Rates (“DCR”). Meanwhile in the OSV segment, the existing limited supply of OSVs in Malaysia has resulted in a shortage of vessels, driving up charter rates and increasing demand for these vessels. For some PLCs, their revenue growth was mostly contributed by their international business,” according to OGSE100 FY2023.

Mohd Yazid concluded that moving forward, the OGSE industry must consider the intensifying energy transition and heightened requirements for sustainability in charting its way ahead.

“OGSE companies have traditionally concentrated on upstream activities, whereas the oil & gas industry is shifting towards emerging energies such as solar and hydrogen. This transition opens the door for OGSE companies to diversify and capture growth within the new energy landscape, positioning themselves as key players in a more sustainable future,” he said.

On that note, OGSE100 FY2023 also includes a Special Feature by the Energy Industries Council (“EIC”) on the energy transition, with a particular focus on Carbon Capture Utilisation and Storage (“CCUS”) in ASEAN and Malaysia.

The full OGSE100 FY2023 publication is available at https://mprc.gov.my/wp-content/uploads/2025/03/MPRC-OGSE100-FY2023.pdf.

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About OGSE100

The OGSE100 publication provides information on consolidated industry performance of revenue, PBT, PBT margin and total non-current assets for OGSE companies registered in Malaysia. The companies are then ranked according to the top 100 by revenue. The purpose of OGSE100 is to show the size and performance of OGSE companies and serve as a reference point for industry players, potential investors and relevant stakeholders. The publication also contains forward-looking statements based on assumptions, information and various perspectives provided to MPRC to give a holistic picture of the industry.

About MPRC

Established in April 2011, Malaysia Petroleum Resources Corporation (“MPRC”) is an agency of the Ministry of Economy primarily tasked with advancing Malaysia’s Oil & Gas Services and Equipment (“OGSE”) industry. As countries around the world, including Malaysia, embark on the energy transition, MPRC further advocates for OGSE companies to pivot towards cleaner and sustainable energy as new areas for business growth. MPRC also provides policy recommendations to the Government on the oil & gas and energy industries.

Following the launch of the National OGSE Industry Blueprint (“OGSE Blueprint”) 2021-2030, MPRC serves as its custodian, coordinating and implementing its initiatives together with OGSE Blueprint partners. The OGSE Blueprint seeks to develop a robust, resilient, and globally competitive OGSE sector that contributes to sustainable national development in Malaysia.

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