KUALA LUMPUR, Feb 21 — Perdana Petroleum Bhd’s net loss widened to RM261.70 million for the fourth quarter ended December 31, 2021 (Q4 FY2021) from RM18.54 million in the same period last year.
However, its revenue improved to RM50.99 million compared to RM36.23 million in the fourth quarter of 2020, following the higher vessel utilisation rate at 51 per cent.
For the cumulative 12-month period, the oil and gas company’s net loss widened to RM325.2 million from RM65.84 million a year before. Perdana also recorded lower revenue of RM160.56 million compared to RM208.35 million in the corresponding period.
“The decrease in revenue is mainly due to lower vessel utilisation at 49 per cent for FY2021 compared to 53 per cent in the financial year of 2020,” it said in a stock exchange filing with Bursa Malaysia.
“The lower vessel utilisation is a result of slower work orders or contracts awarded from the oil majors.”
On its prospects, Perdana said the group is currently looking at fleet renewal to take advantage of the potential upside in off-shore construction and maintenance projects to be undertaken by oil majors.
“As an avenue for growth in the future, Perdana Petroleum remains cautiously optimistic that we will post better results in the coming years,” it said.
Perdana Petroleum said the industry has weathered the most challenging two years in its history and the rebound in the crude oil price to a more sustainable level can lead to a healthier outlook for the oil and gas industry in the coming months, “at levels reasonably high enough to spur oil majors to undertake their planned capital expenditure.” — Bernama
