Net profit in the first quarter surged 16% year-on-year to SGD3.9m ($3.1m), Singapore-listed Kim Heng announced.
First quarter revenue also grew 10% to SGD23.6m due to increases in chartering and towage income as well as marine offshore support services income.
“In line with the robust outlook for the offshore oil and gas industry, the group has secured forward commitments with an estimated value of SGD40m as at May 2014, excluding ad-hoc and other projects that the group may secure for the rest of 2014,” said Thomas Tan, executive chairman and ceo of Kim Heng.
“With the increase in the global rig fleet, the group expects more rigs requiring repair, maintenance and ancillary services,” Tan added.
Kim Heng has contracted to add three tugs and five barges to its fleet, which is expected to be delivered during the year.
“The expansion of our fleet will provide us with the capability to meet increasing customer and operational demands, as well as reduce costs which would otherwise be incurred from chartering of vessels from external parties,” Tan explained.
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