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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Offshore

Cambodia Urged ASEAN to Avoid Words That Escalate Tension

Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement,

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

Finance

Baltic Index Down as Rates for Large Vessels Stay Weak

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for larger vessels and supramaxes.

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

Offshore Energy

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

Technip Bags Woodside's Subsea Contract

Technip has been awarded a large(1) subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia, at a water

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Repair 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: 0.1121 sec (9 req/sec)