PERDANA Petroleum Bhd saw a net loss of RM18.33 million for the first quarter ended March 31, 2025 (1Q25), reversing a net profit of RM6.1 million in the same period last year.
The OSV operator cited lower vessel utilisation, fewer third-party charter activities, and a lack of spillover projects as key drags on performance.
Quarterly revenue tumbled 62% year-on-year to RM37.6 mllion.
Its MD Jamalludin Obeng said the company had invested in vessel readiness for upcoming long-term charters, contributing to the subdued quarter.
He expressed optimism for improved utilisation as domestic offshore activities pick up, backed by Petronas’ upstream commitments and the Malaysia Bid Round 2025.
Still, Jamalludin flagged external risks including rising global supply, geopolitical tensions, and Brent crude price pressures.
He noted that limited OSV newbuilds – due to ESG-linked financing constraints – could allow Perdana to reposition itself strategically.
The group remains focused on long-term resilience, operational efficiency, and fleet renewal. — TMR
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The post Perdana Petroleum sinks to RM18.3m 1Q loss on sluggish vessel utilisation appeared first on The Malaysian Reserve.
