KUCHING: Petra Energy Bhd group net loss worsened to RM20.1 million in first quarter ended March 1, 2026 (1Q2026) from RM7.49 million a year ago, dragged down mainly by the dry docking expenses of its mobile offshore production unit (MOPU) and settlement payment to a vendor on maintenance contract.
Group revenue plunged to RM37.6 million from RM106.2 million during the same period, resulting in wider losses per share of 6.27sen from 2.33sen.
In the current quarter under review, the services segment generated higher revenue of RM31 million (1Q2025:RM21.1 million) but suffered higher pre-tax loss of RM5.64 million (-RM671,000), marine assets segment increased its revenue to RM6.6 million (RM3.53 million) and sharply reduced its pre-tax loss to RM3.28 million (-RM20.5 million) whereas the upstream segment recorded zero revenue (RM81.65 million) but reported pre-tax loss of RM18.3 million (+RM14.2 million).
The services segment, the cornerstone of Petra Energy’s business, is involved in brownfield engineering hook-up and commissioning, maintenance, construction and modification, and integrated project delivery.
The marine assets segment is involved in chartering of marine vessels and it owns and operates a fleet of eight vessels, comprising four accommodation workboats, two accommodation workbarges, one anchor handling tug supply (AHTS) vessel and one unit of MOPU.
The upstream segment undertakes oilfield development, production activities as well as operation and maintenance of upstream assets.
This segment include the group’s operationship at (i) the Banang Later Life Asset Production Sharing Contract, offshore Terengganu and (ii) the Adong Kechil West Production Contract Block SK433, onshore Miri.
In 1Q2026, Petra Energy said the service segment pretax loss widened to RM5.6 million (1Q2025:-RM0.7 million) including a one-off adjustment of RM7.9 million following the settlement of vendor negotiations for maintenance project contract’s closure.
The segment revenue had, however, surged to RM32.1 million (RM21.1 million).
“The marine assets segment recorded revenue of RM6.6 million in the current quarter due to higher vessel utilisation as compared to RM3.5 million in 1Q2025.
The segment recorded loss before taxation of RM3.3 million in 1Q2026 as compared to RM20.5 million (loss) in 1Q2025 due to ongoing efforts undertaken by the management to improve the segment’s financial performance,” Petra Energy said in explanatory notes to its financial results.
The upstream segment did not generate any revenue in the absence of lifting activities (RM81.7 million) but incurred pre-tax loss of RM18.3 million (+RM154.2 million) mainly attributable to operating expenditure incurred during the production deferment arising from the planned mandatory dry docking of MOPU.
Production at the oilfield was suspended for about 15 months from January 2025 to March 2026.
“The Banang field resumed operations following the completion of the MOPU dry docking exercise.
The asset is now back on stream, with production recommencing in April 2026 in line with the group’s operational plans,” said Petra Energy.
In the immediate preceding quarter (4Q2025), Petra Energy posted marginally higher revenue of RM38.1 million and lower pre-tax loss of RM24.6 million, excluding of impairment of property, plant and equipment.
In 1Q2026, the group reported lower activities executed in ongoing contract.
Commenting on prospects going forward, Petra Energy said the global economic environment remains uncertain, driven by geopolitical tensions, inflationary pressures and volatile oil prices.
These conditions pointed out, have led to market volatility, prompting industry players to adopt a cautious stance and strategies.
“Backed by secured projects and enhanced operational execution, the group is positioned to navigate the current uncertainties, and barring any unforeseen circumstances, is confident of positive performance in 2026,” it added.
The group had recently secured two contracts — SK407 field operation management services scope, and BIF rejuvenation project Phase 2.
