MISC Group announces financial results for the period ended September 2016

MISC saw group revenue decrease for the quarter and the nine-month period ended 30 September 2016. Group revenue for the quarter (at RM2,292.8m) and the nine-month period (at RM7,079.7m) were 8.5% and 6.8% lower respectively than the corresponding quarter and nine-month period in 2015.

At RM154.6m, group profit before tax for the quarter was lower than the corresponding quarter in 2015. However, group profit before tax for the nine-month period (at RM2,309.5m) was 28.0% higher than the corresponding nine-month period in 2015.

MISC’s President/Group Chief Executive Officer, Yee Yang Chien, said, “We have achieved significant milestones during this quarter that includes the S & P’s upgrade of MISC’s ratings, winning the contract for Chevron Offshore Thailand’s FSO Benchamas 2 Project as well as the naming and delivery of our first LNG MOSS-Type Carrier, Seri Camellia and our first Marginal Marine Production Unit, MaMPU 1.”

MISC Offshore Floating Terminals (L) Limited, a wholly-owned subsidiary of MISC, signed a contract for the lease and operations of a Floating, Storage and Offloading (“FSO”) Vessel with Chevron Offshore Thailand in the Gulf of Thailand. The 10-year contract marked MISC’s venture into Thailand’s offshore oil and gas market. The FSO is scheduled to commence operations in Thailand waters by the second quarter of 2018.

Seri Camellia, a 150,200 cu m LNG carrier, is the first in a series of five MOSS-Type LNG carriers ordered from Hyundai Heavy Industries by MISC. The carrier will be joining the MISC fleet as the 28th active LNG Carrier.

Furthermore, in September 2016, MISC introduced its first Marginal Marine Production Unit (MaMPU 1), a fit-for-purpose Floating Production, Storage and Offloading unit, for the development of marginal fields. The MaMPU 1 was converted from an oil tanker and has a storage capacity of 318,000 barrels, designed to produce 15,000 barrels of oil per day.

Yee Yang Chien added, “Moving forward, to fulfil our aspiration of consistently providing better energy-related maritime solutions and services, MISC will capitalise on timely investment opportunities to ensure future business sustainability. Leveraging on our financial strength, we will allocate both our capital and human resources toward building value in our existing businesses, as well as in strengthening the quality of our income by expanding into growth areas that will provide us with recurring long-term income streams”.

Source: MISC