KUCHING: Perdana Petroleum Bhd’s latest quarterly financial performance has been dampened by a combination of factors — absence of third-party vessel chartering income, decreased ancillary income, weak utilisation of accommodation workbarges (AWB) as well as absence of foreign exchange gain.
In the second quarter ended June 30, 2026 (2Q2026), Perdana Petroleum group revenue fell by RM29.76 million (-36%) to about RM53.5 million (2Q2025:RM83.2 million).
This adversely impacted group net profit which slumped by RM30.77 million (-89%) to RM3.77 million (RM34.54 million).
Company’s earnings per share dipped to 0.17sen from 1.55sen.
Perdana Petroleum is a leading provider of offshore marine support vessel (OSV) services, offering a wide range of vessels to support the exploration, development and production of oil and gas.
Perdana Petroleum said the sharp drop in group revenue in the latest quarter under review was recorded despite overall higher vessel utilisation rate of 54 per cent (2Q2025:52%).
“The decrease was primarily attributable to the absence of third-party vessel chartering income (RM18 million), lower ancillary income (RM5.9 million versus RM16.5 million) mainly from catering services as well as mobilisation and demobilisation activities,” it said in explanatory notes to its financials.
Group pre-tax profit plunged to RM4.1 million (RM41.3 million) due mainly to reduced contribution from the higher-margin accommodation workbarge segment as its utilisation rate nosedived to 19.7 per cent (57.1%) and weaker ancillary income.
Although the anchor handling tug supply (AHTS) vessels segment accounted for a larger share of vessel chartering activities which rose to 86 per cent from 60 per cent, its stronger performance did not fully offset the weaker AWB results.
The lower utilisation of AWB was due to delays and postponements in the commencement of selected long-term projects, resulted from continued cost optimisation initiatives by oil majors and amid evolving geopolitical development and global energy market conditions.
In addition, the absence of unrealised foreign exchange gain, which contributed RM19.8 million to pre-tax profit in 2Q2025, further weighed on the 2Q2026’s profitability.
Perdana Petroleum Bhd’s core anchor handling tug supply (AHTS) segment remained resilient in the second quarter of 2026, supported by stronger vessel utilisation despite slower recovery in its workbarge business.
Managing director Jamalludin Obeng said delays in project commencements and cost-cutting by oil majors continued to affect workbarge demand. However, sustained offshore drilling, production and maintenance activities, particularly by Petronas, are expected to support demand for offshore support vessels and charter rates over the medium term.
As compared to the immediate preceding quarter (1Q2026), Perdana Petroleum returned to the black in the current quarter (1Q2026:- RM12.13 million) as revenue rose to RM53.48 million (RM42.17 million).
“The turnaround was driven by stronger revenue, a 7 per cent reduction (RM2.2 million) in direct operating costs through cost optimisation initiatives, higher interest income from the placement of surplus funds and lower other operating expenses,” said the company.
The revenue growth was driven by the commencement of AWB utilisation and the associated ancillary income (RM5.9 million vs RM1.1 million).
Over a six-month period in 2026 (6m2026), Perdana Petroleum posted lower group net profit of RM4.59 million
(6m2025:RM5.74 million) in line with drop in revenue to RM89.6 million (RM100.7 million).
Despite market uncertainties, Perdana Petroleum remains confident about the medium-term outlook for the offshore support vessel sector.
The group is renewing its fleet, including building two new 60-tonne AHTS vessels to replace ageing ships, improve efficiency and reduce costs, managing director Jamalludin Obeng said.
