PETALING JAYA: As oil prices recover, Deleum Bhd’s says its power and machinery business will continue to focus on the aftermarket and new equipment sales.

       It will also explore new opportunities in new areas such as products and service representations or even a geographical expansion.

       “It will also explore rationalisation and consolidation exercises for its operations and resources to support business sustainability,” the company said in its 2021 annual report.

       As the price of crude oil recovers, it said that the power and machinery business is expecting improved business transactions and financial performance as a result of the relaxation of customers’ operating expenditure budgets and spending.

       Meanwhile, the oilfield services segment will continue to reinforce its position as the market leader for slickline services in Malaysia.

       “It will also be pursuing opportunities in the upstream and downstream sectors, driving research activities and forging new partnerships with multinational companies in the region to expand its product and service offerings,” the company said.

       Deleum said its integrated corrosion solutions or ICS segment will continue to focus on its operations and performance with stringent cost management to improve overall margins.

       Deleum noted that the recovery of the oil and gas sector is now more visible with the increased demand for the commodity.