Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Sapura Energy sees Q1 profit plunge to $6.4m

Sapura Energy sees Q1 profit plunge to $6.4m
Sapura Energy saw profit for the first quarter ended 30 April plunge to MYR27.5m ($6.4m) from MYR110.3m previously as revenue also slid to MYR1.77bn from MYR1.94bn in the previous corresponding quarter as turnover expectedly fell in the drilling and exploration and production segments (E&P).

The company said in a stock market announcement that drilling segment turnover plunged by nearly half to MYR385.4m as some rigs came off-hire, while E&P revenue fell to MYR194.3m from MYR297.4m due to the cessation of the Berantai Risk Service contract. Drilling segment operational profit also plunged to MYR20.8m from MYR151.6m due to the lack of revenue.

The engineering and construction segment however saw revenue rise 17% to MYR1.20bn from MYR1.02bn previously. Segment pre-tax profit also more than doubled to MYR181.4m from MYR78.6m previously due to higher contributions from joint ventures.

“The challenging environment facing our industry continues with the persistent uncertainty in the outlook of oil prices. Nevertheless, the Group has been able to consistently demonstrate competitiveness by securing and reliably executing projects globally," said president and group ceo Shahril Shamsuddin.

"We have secured new projects in key markets in Southeast Asia, Australia and India. In our Exploration & Production operations, our development of the SK310 B15 field is on-track, with first gas anticipated before year-end," he added.

Sapura Energy said in a separate announcement that it remains on track to achieve first gas at its B15 project on Block SK310 offshore Malaysia in the fourth quarter, while also progressing with development plans for its Gorek and Larak fields in SK408.