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Impairment losses drag Sealink into the red

Kuala Lumpur: Malaysia's Sealink International posted a full-year loss of MYR9.99m ($3.22m) on a 40% drop in revenue to MYR121.76m and exceptionals and impairment losses of MYR22.12m.

Sealink blamed the revenue falls on a decrease in shipbuilding revenue due to lower production by the shipbuilding segment which the 13% risein revenue from the chartering division was insufficient to make up for.

Sealink however remains upbeat on its future prospects. "We maintain our expectation for more awards by Petronas and other regional oil majors in the wake of the recent oil discoveries in Malaysia in 2012 thus, offshore oil and gas activities will be heightened in 2013,"
Sealink said in a stock market announcement.

"The market is expecting more contracts to be awarded for the marginal oil fields as well as the enhanced oil recovery projects in 2013. We
believe that this would increase the demand for charter and sale of our offshore marine support vessels. Apart from new contracts, the group's chartering division was also awarded extension of several long-term charter contracts. With the increased oil and gas activities in Malaysia, Sealink is optimistic that the ship charter and ship repair would perform reasonably well in the next 12 months."

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