Perdana Petroleum back in the black with $18.8m profitPerdana Petroleum back in the black with $18.8m profit

The offshore services provider reported that revenue rose to MYR274.7m from MYR259.540m previously as an increase in the number of vessels in use and an improvement in vessel utilisation and charter rates helped turn its fortunes around, with the average vessel utilisation rising from 77% in FY12 to 80% in FY13.

Perdana said it is in a better position now as it reaps the benefits of cost savings from the disposal of older vessels for which it took the hit of an impairment loss of MYR27.7m in the fourth quarter of 2012.

The group is optimistic about the prospects for oil and gas support services in the domestic and regional markets and the board expects the group's offshore marine business to be in a position to provide better results in the coming year.