Perdana Petroleum Bhd swung into the red in the first half of 2026 (1H26), posting a loss after tax of RM8.3 million against a RM16.2 million profit a year earlier, as lower Workbarge contributions and weaker revenue weighed on earnings.
Revenue for 1H26 fell 21% to RM95.7 million from RM120.8 million, mainly due to lower utilisation in the Accommodation Workbarge segment following delays and postponements in selected long-term projects.
The weaker bottom line also reflected the absence of an RM22.7 million unrealised foreign exchange gain recorded in the corresponding period last year.
Vessel utilisation, however, improved to 54% from 41%, supported by stronger demand for the group’s Anchor Handling Tug Supply (AHTS) vessels.
For the second quarter, Perdana Petroleum remained profitable with a profit after tax of RM3.8 million, although this was sharply lower than RM34.5 million in 2Q 2025. Quarterly revenue dropped to RM53.5 million from RM83.2 million.
Overall vessel utilisation in 2Q improved to 54% from 52%, again driven by stronger AHTS activity.
Managing Director Jamalludin Obeng said the AHTS segment remained resilient, while the Workbarge business continued to face project delays and cost optimisation measures by oil majors.
Looking ahead, Perdana Petroleum expects OSV demand, particularly for AHTS vessels, to remain supported by offshore drilling, maintenance and production-sustaining activities.
The group will also continue its fleet renewal strategy, including the construction of two new 60-tonne AHTS vessels, as it seeks to improve efficiency and strengthen its medium-term growth prospects.
