Keynote from the Founder of FK Group
Dear Valued Shareholders,
It is my great pleasure to present to you our 2018 Annual Report. 2019 was yet another challenging year with overall market conditions remaining challenging due to the uncertainty in oil prices.
2020 has been another highly challenging year, the hard work and dedication from all our people has been key to strengthening our foundation and stability. Perseverance and teamwork have played the key roles in readying our Company to rise for the coming years. To our Board, I would like to thank you for your invaluable contribution, leadership, and advice. To our business partners and customers, we thank you for your faith and trust in us. Together, we have clearly demonstrated how the win-win relationship allows us to operate successfully in this ever-changing business environment.
Good corporate governance is fundamental for long-term business sustainability and value creation for our shareholders. The Board and management will remain committed to complying with corporate governance best practices across our businesses and delivery of bottom line results to shareholders.
I would like to conclude by expressing my sincere gratitude to our shareholders for your continued support and the confidence you have placed in us. As we enter 2020, you can be assured that FK Group shall continue “Building on Core Strengths” in the offshore oil and gas service industry.
FK Group focus during 2018 has been on further streamlining our business and readying ourselves for the coming years. We are now in a much better position than we were in the beginning of 2019, and ready to take on 2020.
Although we maintains a cautionary perspective on the oil and gas outlook over the next 12 months, we believe that it is well-placed in its strategic positioning, reputation, track record, and fiscal discipline. We intend to strive forward to maintain our competitive position.
For 2020, we will continue to focus on our core business while cautiously exploring expansion of FK subsidiaries capabilities where market condition permits and increase our geographic footprint into new territories. We have also been developing our internal capability with the aim to offer more innovative solutions for our clienteles.
Driven by FK Group senior management team, a two-pronged strategy continues to be implemented which considers both a short-term approach in “Strengthening Our Core Business Fundamentals” and the longer-term vision of “Positioning for Growth” that will ensure our ability to continue to build sustained shareholder value.
To emerge stronger and better valued through these challenging times, FK Group has taken the considered course of action to conserve its cash reserves in order to maintain its stability and to be ready to engage in opportunistic moves that may arise.