Malaysian floating production heavyweight Yinson Holdings said in its latest financial results that it is awaiting on the official outcomes of project bidding activity in Brazil.
"Yinson has been actively bidding in the Brazil and African region, and are awaiting the official outcomes of Brazil closed tenders," said company chairman Lim Han Weng. "Nonetheless, we continue to be on the lookout for opportunities while adhering closely to our business strategies.”
In the just-completed second quarter, the company's revenue was 2.1% higher than the first quarter at 213.4 million ringgit (US$51 million). Profit after tax was 10.9% lower at 54.9 million ringgit ($13 million).
“We are optimistic the Group’s outlook will improve further as both of our FPSO projects namely FPSO Helang and FPSO Allan (to be renamed Abigail-Joseph) are on track and soon to be ready for deployment," said Lim. "Our balance sheet remains strong with a total cash and bank balance equivalent of 1,900.6 million ringgit, positioning us better for investments needed for future projects."
The milestones reached during the quarter on FPSO Helang and FPSO Allan were offset by the termination of its contract at the Ca Rong Do project in Vietnam.
Yinson reiterated the termination is not expected to have a material impact on Yinson’s earnings and, additionally, the company is liaising closely with its Vietnam project partner to recover all costs associated with the project.
