Jaya Reports 2013 Earnings

Marinelink.com
Thursday, October 31, 2013

Offshore energy services provider, Jaya Holdings Limited has reported consolidated revenue of $29.6 million and net profit of $7.6 million for the financial quarter ended September 30, 2013.

The group’s revenue for the quarter under review was $29.6 million. Excluding the vessel sale, the quarter’s revenue was 12% higher than the previous corresponding quarter. This was due to improved charter utilisation of 91% compared to 84% in the previous corresponding quarter, on the same fleet size of 28 vessels.

The group’s net profit for 1Q FY2013 was $7.6 million. Excluding nonrecurring items and gain from a vessel sale, this quarter’s net profit was 15% higher than that of the previous corresponding quarter.

In July and September respectively, the group completed two high specification, 5500 DWT PSVs Jaya Valour and Jaya Vigilant on time and within budget. The vessels went on-hire on long term charters immediately upon delivery. Jaya Vigilant was customised with a 50 ton subsea crane with active heave compensation for service in water depths of up to 3,000 meters. Both sister ships have been upgraded with highly versatile under deck cargo capacity, enhanced passenger facilities and excellent station keeping in mind.

Commenting on the results, CEO Venkatraman Sheshashayee said, “Our shift in focus to long-term charters of our fleet, delivering high quality, customised services to our clients has paid off and we are pleased to report a sustained strong charter utilization of 91% for the first quarter FY2013. Jaya has also successfully expanded its footprint to new markets in Mexico and East Africa, Mozambique.”

Across all of South East Asia, the Middle East and West Africa jack up and floater demand is stronger than a year ago, which has supported demand for Offshore Supply Vessels (OSVs). The re-development of existing fields already on line to raise recovery and production levels is gathering pace, especially in SE Asia and in Mexico. Older, shallow water fields are being stimulated to produce more oil and gas in Brunei, Malaysia and other markets. This trend towards the re-development of fields is likely to continue. Further, the continuing deepwater discoveries in West and East Africa will buttress demand for OSVs in those markets for years to come.

CEO Venkatraman Sheshashayee said, “We are approaching the monsoon season in SE Asia, during which time offshore activity typically decreases. We expect to maintain our charter utilisation at a healthy level for 2Q FY2014. Against the backdrop of strengthening demand for specialised OSVs and services due to deepwater drilling and the need to stimulate production from older shallow water fields, Jaya has seen both utilisation and day rates improve. Our strong chartering order book of $255 million will provide a strong recurring and sustaining stream of revenue for the Group. This is an increase of 30% compared to a year ago.”

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Long Beach Picketers Not Striking -Port CEO

Port of Long Beach CEO Jon Slangerup issued a statement addressing the status of picketing truckers at the harbor, pointing out that the demonstration is not a strike.

E-Procurement Streamlined via the Cloud

Marine Procurement Solutions (MPS) has built an electronic platform that aims to enhance the purchasing cycle for the maritime industry. MPS provides software,

IMO Forum Aims to Rebuild Somalia's Maritime Sector

A three-day Stakeholders Forum will be held April 27-29 to review draft guidelines for the establishment of a Somalia Maritime Administration, coordinated and funded

Offshore

BV Upgrades RAM Software

To help offshore operators and contractors get more out of their assets and develop projects more cost-effectively, Bureau Veritas has supercharged its reliability,

Intelligent Fender System Completes Offshore Trial

Strainstall, part of James Fisher and Sons plc, announced the completion of the world’s first Intelligent Fender System (IFS) trial with energy companies SSE and RWE at Suffolk-based wind farm,

Maritime Tension Dominates Southeast Asia Summit

Southeast Asian leaders edged closer to open criticism of China's land reclamation in the disputed South China Sea at a regional summit on Monday, as the Philippines

Finance

US Designates Three Marine Highway Projects

U.S. Transportation Secretary Anthony Foxx has designated three new Marine Highway Projects.   The Mississippi and Illinois Rivers, previously designated as the M-55 and M-35,

Baltic Index Flat on Muted Shipping Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat on Monday on muted shipping activity.   The overall index,

Milaha Reports Improved Net Profit for Q1

Qatar Navigation (Milaha) Q.S.C. has announced its financial results for the three months ended March 31, 2015, in which it reported operating revenues of QR 786 million vs.

Offshore Energy

Intelligent Fender System Completes Offshore Trial

Strainstall, part of James Fisher and Sons plc, announced the completion of the world’s first Intelligent Fender System (IFS) trial with energy companies SSE and RWE at Suffolk-based wind farm,

Maritime Tension Dominates Southeast Asia Summit

Southeast Asian leaders edged closer to open criticism of China's land reclamation in the disputed South China Sea at a regional summit on Monday, as the Philippines

JSMEA Offers Access to Japan’s Offshore Suppliers

New website and brochure provide a comprehensive list of Japanese suppliers to the offshore industry The Japan Ship Machinery and Equipment Association (JSMEA)

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4620 sec (2 req/sec)