The Kuala Lumpur-listed offshore vessels shipbuilder generated full year net profit of MYR10.79m ($3.4m), nearly three times higher than MYR3.92m recorded in the previous year. Revenue, however, dropped 15.2% year-on-year to MYR101.57m.
“High resilient crude oil price of above $90 per barrel has continued to spur oil majors to increase their offshore deep sea exploration and production activities. The demand for offshore support vessels is expected to increase in tandem with the increase in offshore deep sea exploration and production activities,” TAS Offshore said.
“With about MYR180 million shipbuilding contracts recently secured, we are optimistic in our outlook that new orders for offshore support vessels are going to resurface.”
The company added that demand for tugboats has increased as the mining industries in Indonesia, particularly those related to coal and iron ore, are doing well.