Target Resources Corporation Sdn Bhd

TARGET ENERGY CO (M) SDN BHD

The Company, Master Offshore Sdn Bhd was established in 2003 as a local Bumiputra company involved in providing Marine Vessels Services supporting the oil & gas industry's operations. It became part of Target Group in 2005 with 60% (later increased to 90%) acquisition of its shares and went through name change to Target Energy Co (M) Sdn Bhd (TECO) to synergise with the Group Corporate image.

With the acquisition, TECO became the platform for Target Group to venture into the lucrative but challenging industry. It has the relevant licences from Petronas to supply comprehensive range of vessels including Pipe Lay Barge for subsea pipeline and offshore structure installation. Initially, TECO owned 1 unit Crew Boat and 2 units Superfast Crew Boats. It has recently, acquired 1 unit of Pipe Lay Barge for about RM 250 million making TECO's total investment in assets and other preliminaries to be about RM 300 million.

TECO's maiden major job is the award from Petronas for their SKO Pipeline Installation worth RM400 million per year for 2 + 1 Years. With the award and ownership of a Pipe Lay Barge, TECO became one of the earliest Bumiputra companies operating as Operator/Owner of a Malaysian-flagged Pipe Lay Barge. The Crew Boats meanwhile, are both on long term and spot charters by the PSCs within Malaysian waters.

The overall operation is headed by Hj. Zulkifli with both Dato Sofiadin and Datin Noraidah are also actively involved in monitoring and supporting the Senior Management members. With TECO's overall staff count at 300 (inclusive permanent/contract and onshore/offshore) and the lucrative projected proceeds, it is poised to be another major revenue earner apart from the group's core contributions by Construction.

MASTER MULIA SDN BHD

Master Mulia Sdn Bhd was established on 18 August 2009. The company is mainly to be the SOC (Ship Owning Company) for Target Energy Co (M) Sdn Bhd in their ventures into the Oil & Gas Industry. In particular, Pipelaying, Pipe Replacement & other offshore installation jobs. Hence, the acquisition of Mas Mulia.

TARGET MEGA MARINE SDN BHD

The Company was establised in 2010 as the entity to manage and operate the Submarine Escape & Rescue - Intervention (SMER-I) Service Contract awarded by Ministry of Defense (RM 730.8 mill for 12 Years). To ensure smooth implementation and operation of the Project, TRSB as the Contract beneficiary, has engaged ex Senior RMN personnel involved in the initial proposal by RMN to acquire 2 units of Scorpin Submarines from France. The SMER Team is lead by Rear Admiral (Rtd) Dato' Kamal Darus who has had intensive submarine operations training during the tenor with RMN.

With the expertise acquired and commitment shown by the SMER-I team, TMM is poised to provide top-notch service to the Navy in particular and the Nation in general. The personnel involved shall be recruited in batches over the 2-year assets acquisition & construction period capping at 47 for Mothership & SMER-I Equipment and 10 for administration. Total project investment is RM 221 mill.