Latest news with #PerdanaPetroleum
New Straits Times
21-05-2025
- Business
- New Straits Times
Perdana Petroleum posts net loss of RM18mil in Q1
KUALA LUMPUR: Perdana Petroleum Bhd slipped into the red with a net loss of RM18 million in the first quarter of financial year 2025 (1QFY25) from a net profit of RM6 million a year earlier. 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.
Borneo Post
09-05-2025
- Business
- Borneo Post
Perdana Petroleum targets Sarawak expansion, eyes OSV fleet renewal in 2025
Abd Hapiz says the move includes listing its operating subsidiary's registered address at the Miri office, in compliance with new state regulations. – Photo from Perdana Petroleum KUCHING (May 9): Perdana Petroleum Berhad (Perdana Petroleum) is expanding its presence in East Malaysia with plans already underway following the opening of its branch office in Miri in January 2024. Chairman Datuk Dr Abd Hapiz Abdullah said the move includes listing its operating subsidiary's registered address at the Miri office, in compliance with new state regulations. He added that the company aims to create more job opportunities for Sarawakians. 'These efforts will raise Perdana's visibility and influence in Sarawak, attracting more business for the Group,' he said in the company's 2024 annual report. He said the company remains optimistic about its 2025 outlook, supported by strong demand for offshore support vessels (OSVs) for production and maintenance operations, as projected in the Petronas Activity Outlook 2025 to 2027. 'However, we will exercise caution and manage our business prudently through continuous operational efficiency, cost management enhancements, and vessel deployment optimisation,' he added. In line with its sustainability goals, Perdana is open to potential business ventures or mergers and acquisitions as it pursues its next phase of growth. 'We are confident that our fortitude and tenacity in navigating past storms will serve to establish the Group as a leading OSV owner-operator in the region,' he said. A key focus in 2025 will be the group's long-awaited fleet renewal scheme. It has begun replacing ageing anchor handling tug supply (AHTS) vessels to comply with a local oil major's 20-year age cap on OSVs. 'This is part of our goal to build a sustainable and high-performance fleet that will enhance Perdana's competitiveness,' he said. He also noted a positive outlook for the oil and gas (O&G) exploration and production sector, with a growing trend towards awarding longer-term contracts to vessel operators. He said this would help Perdana secure bank financing for newbuild vessels. Cost-effective fleet renewal options such as acquiring younger, second-hand vessels are also being explored, he added. To recap, Perdana Petroleum posted a record revenue of RM440.1 million for the financial year ended December 31, 2024, a 40 per cent increase from 2023. Profit after tax (PAT) rose more than threefold to RM146.1 million, which was the highest in 17 years. Its group vessel utilisation rose to 70 per cent, the highest since 2019, driven by strong O&G activity and higher daily charter rates (DCR). Accommodation work barges (AWBs) led fleet utilisation at 81 per cent, followed by AHTS vessels at 68 per cent and workboats (WBs) at 52 per cent. Meanwhile, quarterly utilisation rates ranged from 60 to 90 per cent in the first three quarters. The drop in 4Q to 50 per cent was due to AWBs and WBs being placed off-hire during the monsoon season and two AHTS vessels undergoing dry-docking. The group did not declare any dividend for FY24, stating that 'it has just turned profitable over the past three financial years, and dividend distribution will be considered once a stable and sustainable profit trend is firmly established.' east malaysia Expansion miri Perdana Petroleum
