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HomeMaritime NewsRegionsAsiaTanjung Offshore returns to profit on more contracts from oil majors

Tanjung Offshore returns to profit on more contracts from oil majors

Tanjung Offshore returns to profit on more contracts from oil majors
Malaysia's offshore services players continue to do well with Tanjung Offshore turning to a MYR5.73m ($1.73m) second quarter net profit from a loss of MYR6.05m in the previous corresponding period as the engineering and services divisions returned to profitability.

Revenue also rose by more than a quarter to MYR81.81m from MYR64.35m a year ago as Tanjung Offshore managed to secure additional engineering package contracts from oil majors in the region.

Revenue for the engineered packages division comprising gas generation packages and offshore platform equipment packages of MYR11.20m, was slightly higher as compared to revenue of MYR10.90m a year ago.

Meanwhile the maintenance services division's revenue rose to MYR12.12m from MYR11.18m on extensions of wellhead maintenance contracts from oil firm Petronas.

TAGS: Offshore
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