ES group a potential takeover target?

In its FY2014 report, the group explained about its direction for growth.  "The Group remains on the lookout for opportunities to expand its core business while exploring possible mergers and acquisitions with a view to enhance shareholders’ value in the long run."

Source: http://infopub.sgx.com/FileOpen/ESGroup_FY2014_Results_27Feb15.ashx?App=Announcement&FileID=336684

Although revenue decreased by 18%, net profit increased by 218%. This company is expanding fast with very little debt and having a lot of customer backlogs to fulfill. It is in my opinion a fast growing small company with very little or low risk despite a falling oil price.