There is a trend towards moving oilfield development to deep water operations and as such, FEG intends to expand its current fleet of vessels and also the capabilities of its fleet for deep water operations. The Group will also build on OSCL’s capabilities to improve operational efficiency and productivity.
FEG’s vessels currently operate out of South East Asia, India and Australia. In line with its fleet expansion plans, the Group will expand its operations to other fast-growing geographical regions such as Africa and the Middle East. FEG, through OSCL, has built up an extensive network of business associates such that it will be well-positioned to penetrate booming markets.
The Group intends to diversify its business in the offshore oil & gas industry by expanding its business and capabilities to provide a wider range of oilfield services. For example, FEG intends to provide services to companies in the petroleum exploration and production industry not directly involved in actual production of oil or petroleum.
FEG will also actively develop other oilfield projects involving Floating, Production, Storage and Offloading (“FPSO”) vessels, Floating, Storage and Offloading (“FSO”) vessels and other production facilities in conjunction with its existing customer base.