KUALA LUMPUR (Jan 30): PETRONAS’ activity outlook report points to resilient demand for offshore structures and onshore maintenance in a year shaping up to see low domestic capital expenditure, analysts said.

In the upstream space, firms providing hook-up and commissioning services are the main beneficiaries, said Hong Leong Investment Bank, Maybank Investment Bank and Phillip Capital. Fabricators of fixed offshore structures will also benefit, according to their research notes.

Potential beneficiaries include Malaysia Marine and Heavy Engineering Bhd (KL:MHB), Vantris Energy Bhd (KL:VANTNRG) and KKB Engineering Bhd (KL:KKB), said Phillip Capital.

Officially known as Petroliam Nasional Bhd, the national oil and gas company is aiming to ramp up exploration efforts in the coming three years after a slowdown in 2025, according to its Activity Outlook report.

The report released annually provides a snapshot of PETRONAS’ planned activities for the next three years and is closely-watched by its services providers and suppliers.

Demand for offshore support vessels, however, is expected to remain subdued and potentially drag on fleet utilisation and charter rates of operators such as Keyfield International Bhd (KL:KEYFIELD) and Perdana Petroleum Bhd (KL:PERDANA), said Kenanga Investment Bank.

For Maybank Investment, the higher plant maintenance and turnaround activities planned by PETRONAS would benefit Dialog Group Bhd (KL:DIALOG), Steel Hawk Bhd (KL:HAWK) and Enproserve Bhd (KL:ENPRO).

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