Shanghai Waigaoqiao Shipbuilding & Offshore Co Ltd (SWS), a China offshore solutions provider for the oil and gas industry, is eager to tap Malaysia's growing industry by offering its solutions here.

"Malaysia has been an active investor in the offshore oil and gas business in recent years.

We want to work with quality companies here in the sector," Zhou Qi, Deputy General Manager, told Bernama on the sidelines of the "2nd Annual Offshore Structures Asia" conference today.

The company is talking to players in the field that include state energy company Petroliam Nasional Bhd in the hopes of securing a deal by next year, he added.

The company has had a foothold in Singapore currently its only market in Southeast Asia and having Malaysia in the map will be part of its overall expansion plans to hit its annual revenue target of three billion yuan, he added.

"Singapore is a more established player in the offshore industry with many international companies positioning it as a hub. But we also want to work directly with Malaysian companies to enlarge our footprint," Zhou said.

Founded in 1999, SWS is a wholly-owned subsidiary of China CSSC Holding Ltd, a publicly listed company controlled by China State Shipbuilding Corp.

It has 50 clients around the world and 10,800 employees.

An industry source told Bernama that SWS is well positioned to tap Malaysia's growing market as more companies are beefing up their investments in the sector.

"It stands a chance if it can offer solutions cheaper than competitors with the same good quality," the source said.

For a start, the company can try to establish its name by working with contractors such as Sapurakencana Petroleum Bhd or Malaysia Marine and Heavy Engineering Holdings Bhd, before slowly working its way up to the core, the source added. - Bernama