Petronas’ oil rig-making unit stays in the red for fourth straight quarter


Dateline 2016-10-28, Nikkei Asian Review:

Malaysia Marine and Heavy Engineering, an oil rig builder controlled by state oil and gas company Petronas, suffered its fourth consecutive quarter of losses due to fewer and lower-valued projects.

Net loss for the three months ended September 30 totaled 4.5 million ringgit ($1.1 million) compared to net profit of 17.0 million ringgit a year earlier, the company said. Quarterly revenue fell nearly 24% year-on-year to 333.5 million ringgit from 436.3 million ringgit.

“The continued downturn of the oil and gas industry is expected to impact the group’s business with significant offshore project cancellations and deferments,” the company said. “This is expected to result in further decline in asset utilization, currently being assessed for impairment which will significantly affect the current year financial result.”
…

This entry was posted on Sunday, December 4th, 2016 at 6:03 am and is filed under Malaysia, oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a comment