Perdana Petroleum posts net loss of RM18mil in Q1
This is due to lower revenue and lower contribution from third party vessel chartering and marginally increase in vessels direct costs, according to its filing with Bursa Malaysia today.
Perdana Petroleum said vessels direct cost remains high despite the lower utilisation rate, due to the costs incurred in getting the vessels ready for long-term contract with oil majors that require higher standards.
Its revenue fell 62 per cent to lower vessel utilisation rates of 31 per cent as compared to 62 per cent achieved a year ago, as well as lower third-party vessels chartering from RM36.7 million to RM7.9 million.
In a statement, Perdana managing director Jamalludin Obeng said the first quarter marked a transitional period for the company, as it focused on investing in vessel readiness to meet the stringent requirements of an upcoming long-term charter.
"The quarter was also marked with low vessel utilisation as there was a lack of project spillovers, coupled with slower offshore activities.
"Although the year began slowly, we remain cautiously optimistic of an uptick in utilisation as the offshore market gradually strengthens," he said.
Jamalludin said the global energy landscape remains volatile, shaped by intensified trade tensions and new tariffs.
On the domestic front, he said the outlook remains encouraging with Petronas reaffirmed its commitment to upstream development, with its 2025-2027 Activity Outlook targeting stable national oil and gas production of two million barrels of oil equivalent per day.
"The Malaysia Bid Round 2025, launched earlier this year, is expected to draw new exploration investments and signal continued growth for offshore services," he added.
Jamalludin said while the offshore support vessel market continues to face supply constraints due to limited new builds, largely attributed to ESG-linked financing challenge, this as an opportunity to reposition strategically.
"We are staying the course with prudent financial and operational management while embracing opportunities to refresh our fleet and enhance efficiency," he said.
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