IN LIGHT OF MARIDIVE’S CURRENT ORGANIZATIONAL RESTRUCTURE AND CULTURE REVAMP, WHAT ARE THE MAIN PRIORITIZED AREAS OF DEVELOPMENT?
Well, I believe that we have to adopt a few approaches simultaneously. That should happen without losing focus upon the business continuity and the level of services we provide to our valued customers. With that being done, we shall focus upon organizational rightsizing and internal business process transformation while developing innovative efficiency approaches to reduce the overall cost of service delivery.
In a nutshell, our restructuring program is in progress; reaching a much leaner, agile, and customer-focused organization that can deliver fully-integrated projects in an efficient and hence lower cost manner.
WHAT IS YOUR PLAN FOR A SMOOTH INTERNAL TRANSFORMATION IN MARIDIVE?
I am relying upon our people’s maturity and understanding of the challenges the industry is experiencing to lead this drastic change in the company’s culture and operational methodology. This helps us reach a structure that is more responsive and adaptable to the new norm, matching our corporate vision.
THE OIL AND GAS INDUSTRY IS FACING EXTRAORDINARY CHALLENGES SUCH AS COVID-19 AND THE FLUCTUATING OIL PRICES. WHAT IS YOUR VISION FOR MARIDIVE TO COPE WITH THESE CHALLENGES?
No doubt, the global pandemic and the resulting collapse in demand have upended many businesses namely in the oil and gas industry. However, we can clearly see that the global economy is slowly emerging from lockdowns and the oil pricing stabilizing. With those challenges, we remain focused upon flawless execution while capitalizing upon our integrated and value proposition, which is the main differentiator of Maridive Group.
In the meantime, we are continuously working upon maximizing the return on available assets bearing in mind that this is the “New Norm”. Moreover, in response to the continuously evolving market conditions, we shall focus upon reducing the overall cost of service delivery through:
Adopt innovative approaches in order to drive the overall efficiency gains in the cost of service delivery, base cost, and people productivity.
Internal processes transformation to match the current industry challenges to drive operational efficiency, enhance service delivery to our business partners, and support growth.
Increasing market share while prioritizing focused growth in lower risk and expanding markets.
WHAT IS THE COMPANY’S APPROACH TO INCREASE ITS MARKET SHARE?
Actually, we are looking at improving profitable market share to outperform the market. This would capitalize upon our integrated and diversified services along with the value proposition that the Maridive Group can present. Simultaneously, we aim to regain focus upon the stable and newly emerging markets such as the East Mediterranean, United Arab Emirates (UAE), Saudi Arabia, Oman, and Kuwait. In the meantime, we are in the process of establishing technical alliances with key players that shall enhance our footprint in those markets.
Providing fully integrated fit-for-purpose solutions while developing efficient approaches will finally reduce the overall cost of those projects allowing our clients to achieve their ambitious production targets.
WHAT ARE THE COMPANY’S INVESTMENT PLANS IN THE UPCOMING PERIOD? AND ARE YOU AIMING TO ENTER NEW MARKETS?
Investment is an ongoing exercise both in people’s training and development. To ensure the highest competency levels and in upgrading our assets, we emphasize the group image as the partner of choice along with strengthening our market position where we operate. We are still looking at improving the Group’s footprint in the East Mediterranean, the Red Sea, Gulf region, and South East Asia. Despite their pricing pressure and excess capacity nature, we can easily overcome these challenges with our newly introduced processes and efficiencies. West Africa, on the other hand, is becoming increasingly attractive.
ARE THERE ANY PLANS TO PROVIDE NEW SERVICES SOON?
In Maridive, we are proud to be able to provide the full scope of marine services along with fully integrated engineering and construction solutions. However, we are working to improve the fabrication part of business utilizing our newly built ICAD II state-of-the-art base in Abu Dhabi which is in the commissioning phase.
Furthermore, given the current challenging situation and in line with our efforts to drop the overall operating cost for our clients, we are looking into streamlining the crew change for production platforms. This will be done via speed crew vessels that grant safe and efficient means of transportation for the offshore teams.
MARIDIVE GROUP IS THE LARGEST COMPANY PROVIDING OFFSHORE MARINE AND OIL SUPPORT SERVICES IN EGYPT AND THE REGION IN TERMS OF FLEET SIZE. WHAT ARE THE COMPANY’S EFFORTS TO EMBRACE NEW ASSETS AND MAXIMIZE ITS FLEET?
Indeed, but this does not stop us from the continuous improvement and investment both in our people and our fleet to match the market dynamics and to fulfill our commitments toward the newly awarded contracts. For that reason, we are acquiring new barges for our Saudi operations and low fuel consumption vessels with specs matching our vision.
WHAT DO YOU HOPE TO ACHIEVE AS THE CEO OF MARIDIVE GROUP?
To build a creative, fully-engaged, and agile team that is capable of delivering sustainable profitable growth. We look forward to achieving that through streamlined processes and efficient business systems with full dedication and the highest level of service delivery to our customers.
WHAT IS THE COMPANY’S PLANS FOR 2021?
With the anticipation that the oil market will show a partial rebound in 2021 and with the oil price expected to average of $50 per barrel compared to an average of $43 per barrel in October, still, there is an uncertainty expected as excess capacity situation shall remain. However, the outlook for natural gas is more optimistic matching our corporate vision for the East Mediterranean and GCC growth. Moving forward in 2021, we shall continue our focus on our “Building for the Future” initiative, ensuring business continuity while emphasizing on growing our market share and improving margins. In doing so, we will be able to emerge out of the current market crises a much leaner and efficient organization.