‘Things can only get better,’ promises Kenneth Chai, the charismatic corporate spokesman for engineering design, procurement and construction management (EPCM) services provider Plant Offshore.

Recent maiden interim figures from the AIM newcomer showed a 150% sales surge to £5m, with profits gushing 140% higher to £1.1m, reflecting contributions from a Sarawak biodiesel project and offshore platform projects. During the half, the Malaysian outfit, which is South-East Asia focused but making Middle East and Australian incursions, secured more than £21.8m worth of contracts thanks to its focus on full EPCM contracts, and a flurry of work awaits. ‘We have our own engineering design software,’ says Chai, ‘and unlike conventional players, we can do biodiesel projects.’

Plant Offshore has also formed a joint venture with a Malaysian Government research and development body to commercialise ‘Rubber Seismic Isolation Technology (RSIT)’. Speaking for 70% of a joint venture with exclusive rights to market RSIT products, Plant Offshore insists this cost-effective technology can minimise earthquake damage to oilrigs, houses and hospitals, protecting contents and saving lives. With the governments of earthquake-prone nations legislating on earthquake resistant building codes, the technology offers huge potential. Initially, RSIT products will be marketed into earthquake prone regions such as Indonesia and the Middle East and at the existing Plant Offshore client base.

Upgraded forecasts for December 2007 point to pre-tax profits of £2.25m and 1.21p of earnings, placing Plant Offshore on a rather modest forward price to earnings ratio of 14. Bears point to a small free float and lack of client diversity, but investors keen on backing a profitable, ambitious overseas venture should look no further.

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Plant Offshore Group	AIM	£2.3m	1.38p	0.00p
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Plant Offshore			18/10/2007
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