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TAS Offshore profit jumps in Q1TAS Offshore profit jumps in Q1

Malaysia-based offshore vessels builder TAS Offshore recorded a strong improvement in its first quarter results over last year on active orders for new vessels.

Lee Hong Liang, Asia Correspondent

October 24, 2013

1 Min Read
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TAS Offshore's net profit for the quarter ended 31 August 2013 came up to MYR8.53m ($2.7m), a jump of 215.4% over MYR2.71m recorded in the same period of last year.

Revenue during the period was registered at MYR29.64m, an increase of 66.8% compared to MYR17.77m a year ago.

“The demand for offshore support vessels have improved as the oil majors have increased their activities. This has benefited our group so far as evidenced by the shipbuilding orders that we secured,” Kuala Lumpur-listed TAS Offshore said.

Earlier this month, the shipbuilder clinched an order to sell an anchor handling tug supply (AHTS) vessel for MYR38m.

In April, the shipbuilder won contracts to sell two AHTS vessels and two offshore construction vessels (OCVs) for a total of MYR160m.

TAS Offshore added that its involvement in build-to-stock model has placed the group in a favourable situation to meet demand of vessel owners who require shorter delivery period for their offshore vessels.

“We are optimistic in our outlook that new demand for offshore support vessels with higher technical specifications suitable for deepsea operations will grow,” it commented.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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