Dagang NeXchange Berhad Annual Report 2019

CORPORATE DISCLOSURES annual report 2019 29 DNeX business diversification into the energy business was successfully completed via strategic acquisitions and strong long-term ventures. Our extensive know-how, coupled with a light asset strategy, has allowed us to integrate and develop commercially sustainable energy businesses leveraging on strategic technology partnerships and alliances. Oilfield Services We work to provide integrated solutions with value creation to our clients in the oilfield segment. We integrate fit-for- purpose solutions with specialised knowledge for our clients, specifically those seeking to maintain competitive edge in the energy sector’s fast changing landscape. DNeX’s very own niche technology and solutions generate new possibilities in oilfield services. We have invested heavily to equip ourselves with assets, tools, equipment and facilities, so as to offer comparative oilfield solutions as that of other international service providers. For the provisions of drilling services, the maintenance of tools and Quality Assurance and Quality Control processes are crucial. We are equipped with our own facility in Kemaman Supply Base and Asian Supply Base in Labuan, both of which functions as operational support facilities in East and West Malaysia respectively. We place emphasis on local competencies and cost efficiencies to enhance operational effectiveness. Our key technical and operational personnel are all highly specialised in their areas with cumulative oilfield industry experience spanning more than 270 years. The Malaysian Book of Records has also certified DNeX Drilling Tech and Oilfield Services Sdn. Bhd. as a national record holder for being the First Self-Operated Malaysian Directional Drilling/ Measurement While Drilling /Logging While Drilling Company to have successfully drilled wells. Equipment Supply & Maintenance DNeX supplies oil and gas equipment to a diverse international clientele. Through sales, onsite installation and maintenance, our expert technicians are committed to offering on-time services so that our clients do not face interruptions to their operations. Alongside importing and distributing the industry's technical products from renowned manufacturers around the world to the oil and gas industry, we continue to build a track record of providing services to the heavy industry sector including refining, petrochemicals, power, utilities and manufacturing. Upstream Exploration & Production With a combination of proven commercial expertise and effective partnerships, as well as a strong commitment to maximising shareholder value, we seek to own assets with proven hydrocarbon reserves in preferred locations with stable fiscal regimes. Since 2016, DNeX has 30% effective equity interest in Ping Petroleum Limited, which co-owns the producing Anasuria cluster, a fully operating oilfield in North Sea, United Kingdom. Through Ping, DNeX also has interests in Avalon and Ranger oilfield prospects. Working with Ping, DNeX advocates a strong culture of continuous improvements to extend the life cycle of our Oil & Gas assets to optimise return on investment. On the back of this, we continue to seek new ventures, be it strategic partnerships as well as further acquisitions, to enable us to build an attractive portfolio of exploration and production assets. Energising New Possibilities