KUALA LUMPUR – Malaysia’s oil and gas services business continues to face geopolitical volatility, ageing offshore support vessels (OSVs), and increasingly demanding Environmental, Social, and Governance (ESG) standards. According to UOB Kay Hian Research, Malaysia’s OSV fleet has an average age of 13.2 to 14 years, requiring increased focus on fleet modernisation, alternative fuels, and hybrid vessel technology. While regional demand for offshore vessels is projected to remain strong, competitive charter rates and growing operating costs continue to put pressure on the industry. These advancements may boost the demand for vessel maintenance, oily waste treatment, bilge and sludge control, and maritime environmental compliance services.
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(Source: The Star)
