Turnover doubled to MYR218.73m for the financial period ended June 30 from MYR102.59m in the previous corresponding period as revenue from the underwater services/offshore installation and construction (OIC) segment soared to MYR138.15m from just MYR8.02 previously.
Major revenue contributions came from OIC contracts namely Sabah Oil & Gas Terminal Project awarded by Samsung Engineering (Malaysia) Sdn Bhd and E8 & F13K Modules Offshore Facilities Transportation and Installation Contract awarded by Sarawak Shell Berhad.
Revenue from the offshore support vessels (OSVs) segment was 3.6% lower due to lower revenue derived from third party vessels and the average utilisation rate for own vessels was recorded at approximately 75% for the first half of 2012. This segment however continued to rack up good profits, with gains rising 77.1% due primarily to significant increase in the share of results of associates, mainly contributed by vessels owned by Alam-PE Group, a joint venture entities with CIMB Private Equity.
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