Eversendai Offshore

COMPANY PROFILE

2015

EVERSENDAI OFFSHORE

+971 4 456 4815 | www.eversendaioffshore.com

Thriving on competition Editorial: Rosie DeWinter

Last speaking with Narish Nathan, CEO of Eversendai Offshore, in December last year – the core values of this company have not changed, continuing to build solid foundations as a reliable and trusted offshore fabricator. With the Ras Al Khaimah facility, situated in RAK Maritime City, now nearing final completion, Nathan explains the company continues to prosper, despite the inevitable competition it faces…

A company started in 1982 by founder Tan Sri AK Nathan, Eversendai was first contracted by a Japanese client, Tameshi Yamaki, to build Malaysia’s very first car plant – the Malaysian National Car Plant – which was used to produce proton vehicles.

Today, it is one of the most trusted and reliable steel fabricators and contractors

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operating in the industry, responsible for many notable projects over the years, it has fabrication facilities in India, Dubai, Malaysia and Qatar, with its largest now in the last stages of completion in the UAE. In 2011, Eversendai made the decision to venture into the offshore oil and gas industry using its extensive fabrication

yard in the UAE – Ras Al Khaimah – as a platform and gateway for the valuable offshore market.

THE RAS AL KHAIMAH FACILITY The largest of the Group’s six fabrication yards, Ras Al Khaimah is now 95% complete and is on course for final completion later this year,

EVERSENDAI OFFSHORE

© Eversendai offshore

with only the finishing touches now to finalise. Between all six fabrication yards, Eversendai has a combined fabrication capacity exceeding 250,000 tons.

“It’s 95% complete and in January this year we started fabrication works so we have been running it as an operational facility since then. The development is already completed, it is just the final works that need to be tied up – the offices are now being fitted out for example along with the electrical works,” explains Narish Nathan, speaking to Total World Energy last month.

Constructed to successfully build offshore and marine fabrication units, the near-completed facility sits on a 200,000m3 plot at RAK Maritime City and boasts 550m of quayside facilities.

Eversendai’s first venture into the offshore industry came with a contract

to build two jack-up vessels – these are used to carry out fabrication works on plants offshore.

Awarded in May 2014, Eversendai Offshore was awarded the contract for the engineering, procurement and construction of two GustoMSC NG-2500X liftboats with a combined valuation of RM580 million ($180 million) from Vahana Offshore.

Speaking to us at the end of last year, Nathan explained: “The liftboats are being built for Vahana Offshore.

This is a private arm of the holding company of my father’s investments.

We are not building to sell, we are building it to look for long-term lease contracts. We are feeling very positive with the talks we have been having so far with the leading industry players.”

The two liftboats, Aryan and Arjun, will have a rectangular hull and four 95m truss-type legs with electric

drives and pinion jacks, allowing them to jack up in water depths of 70m. Additionally, each will have a 300 tonne crane, accommodation for up to 150 operatives and dynamic positioning systems.

In January this year, Eversendai Offshore announced the completion of the keel laying for both jack-up vessels which are largely built in a series of pre-fabricated complete hull sections rather than built around one single keel. Keel laying recognises the lowering of the first module into place in the building block.

“We are pleased to note our progress in executing this project as it substantiates our decision to venture into the oil and gas (O&G), petrochemical and process plant construction sectors.

“We look forward to successfully completing this project whilst boosting

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Na

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hN atha n | CEO

our efforts and simultaneously intensifying our presence in the O&G industry. We are positive that all our efforts and initiatives that have been set in place would lead to more opportunities for the group to secure new contracts on a global scale.

“We anticipate our foray into this sector to be a significant contributor to Eversendai Group’s earnings in time to come,” Tan Sri AK Nathan said in a statement.

Both liftboats are now on course to be delivered by mid-2016 with the jacking system now in place – “These are coming along as planned, I think we are 40-45% complete in terms of progress and are on course for our scheduled delivery next year. We are now actively bidding on further liftboat projects, so we are hopeful for that,” explains Nathan.

ESTABLISHING A LEADING POSITION As a relatively new player in an established marketplace, Eversendai

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Offshore has ensured it maintains the key qualities that its parent company has long-since established.

An avid believer in systems and procedures and ensuring it remains true to its corporate philosophy, Eversendai has built a reputation on maintaining strict safety rules and efficient deliveries without compromising on quality.

Speaking last year, Nathan explains: “There are not many players in town that can compete with us - we will be competitive. Our hallmark has always been at Eversendai that client commitment and quality, and satisfaction of the client is extremely important. Safety has also been of paramount importance for us and of course we deliver what we commit.

“In 30 years, we have not delayed a single job. That track record has resulted in people inviting us to bid for projects.”

With a reputation that now precedes it, Nathan tells the positive feedback that Eversendai Offshore has received from clients visiting the UAE facility: “I must say that we have started off rather aggressively in terms of the people we employ

and the facilities that we have. I’ve got feedback from clients who have visited our facility and it has been tremendous, going as far to say that it is the best facility they have seen in the region.

“In terms of infrastructure, in terms of employee capability and execution, I think we have the people on board and we have the ability to execute, which for a new yard, I certainly think is a challenge. We have executed it well and I believe the people we have are top notch,” explains Nathan.

In an industry which is so extensive and varied, competition is inevitable but Nathan explains this is where Eversendai Offshore thrives and excels. With a wealth of experience in fabrication, construction and engineering behind it, the company is now able to implement this into its future offshore endeavours.

“There is always competition in whatever you do but it is what sets you apart from the others.

We have been able to grow our business as a group over the last 30 years, across Malaysia to the Middle East to India and South East Asia, so we have grown the business with competition,” Nathan explains.

“We like to stretch ourselves and see what can set us apart from the others and that allows us to do better and to show the client that we are the right choice actions certainly speak louder than words.”

CORE STRENGTHS Nathan explains that much of the company’s success, both as an onshore contractor and offshore fabricator, can be attributed to its roots and not deviating from what has earned it such a reputable position today.

“We have grown our business as Eversendai, a structural steel

EVERSENDAI OFFSHORE erection company to a fully-fledged steel contractor, building power plants. Building and construction and engineering is our DNA – when we set up this facility, we had to go back to our roots, back to our core strength of fabrication.”

So what is it that separates this newly constructed facility in RAK Maritime City from the many others operating within the region? Nathan does not describe Ras Al Khaimah as a traditional shipyard – while many will do assembly work and fabrication, he explains that Eversendai Offshore leverages on its core strengths of fabrication, engineering and construction – strengths which the company has continued to build upon for more than three decades.

“We have a good facility – we have the right equipment, a huge covered area for doing large assemblies, even during the hot summer months, and a large waterfront area with an unobstructed area to the sea. We have fine-tuned it and using our core strengths, have put our new facility into action.”

“Building and construction and engineering is our DNA – when we set up this facility, we had to go back to our roots, back to our core strength of fabrication”

the years in fabrication and engineering sectors, Nathan concludes that Eversendai Offshore is now looking to maintain its position as a strong and valued player in the offshore region: “I think our target is to remain as a strong player in the region, although we are still new, we want to position ourselves as a strong leader in this sector. Looking beyond, to ensure we are not only strong in the region but that we are able to work from any part of the world which requires fabrication, jack-ups or platform construction.”

A FUTURE OF GROWTH Looking to the future and it is one of continued expansion and development for Eversendai Offshore. Speaking to Construction Weekly Online, Tan Sri AK Nathan said of the future: “We are still growing – we are going to employ more people going forward. We are not just going to stop with the liftboats. We also want to get into offshore platforms, modular construction and petrochemical plant construction. These are areas where we really would like to concentrate, expand and develop the business.”

Establishing a solid reputation which coincides with the one Eversendai has cemented over

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