The cancellation for The Sabah Steamship Co. Ld / Incorporated at Sandakan / B.N.Borneo. This was founded by Harry Pfort, a former Blue Funnel ship captain. See Europe and the Maritime World: A Twentieth Century History page 66.
This could be the cancellation for The Residency of Kudat or of Sillam. I fancy the latter as it is in red.
I have shown the lower part before. Recently acquired the cancellation on the 1892 1c overprint and this cancellation is probably more uncommon on the lower values.