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Chairman’sMessage
BAKERTECHNOLOGYLIMITED
ANNUALREPORT2013
grow
BT Investment, as an investment holding company,willmainly
drive inorganic growth through exploring opportunities for
acquisitions and strategic alliances with companies mainly in
the oil and gas and offshore marine industry. I would like to
take this opportunity to welcome the respective Managing
Directors of the two subsidiaries, Mr Tan Wee Lee and
Mr Heath McIntyre. Both men bring with them a wealth of
experience in their respective fields and we look forward
to their contributions. Shareholders can expect to receive
updates on the business during the course of the year.
Outlook
The outlook for the marine offshore sector is somewhat
uncertain for 2014. Oil prices have been buoyant in
the last 3 years and initial signs indicate that the global
economy is regaining its footing. There is also increasing
demand for higher specification jack-up rigs that are able
to operate in harsher and deeper environments, as well as
a need to carry out refurbishment or repairs on older rigs.
These trends bode well for the Group. However, the costs
associated with the exploration and production of crude
oil have been steadily increasing, which has caused some
oil producers to start re-evaluating their business activities.
This may have subsequent knock-on effects on the entire
supply chain.
