Group revenue, however, eased to
This was due to lower contribution from the integrated brown field maintenance and engineering services segment resulting from the slowdown in activity from clients pending the award of the new Pan Malaysia HuCC contract in May last year.
The Pan Malaysia HuCC project only saw a pick-up in activity towards the end of last year, the company explained.
However, the timing of implementation, coupled with the reduced baseline work from the tail-end
Nevertheless, this was cushioned by recognition of negative goodwill and tax credit during the period.
However, activities are notably on the increase as the offshore weather window between March and October approaches, it added.
On another front, the group's venture in development and production activities with Coastal Energy has so far been positive.
The joint venture achieved first oil production from the Kapal field on
The Kapal field is part of the Kapal, Banang and Meranti cluster of small fields offshore Peninsular Malaysia.
Initial production rates from the cluster are over 10,000 barrels of oil per day (bopd), with peak production reaching 13,000 bopd.
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