Perdana Petroleum sees drop in FY25 profits

KUCHING (Feb 12): Sarawak-based offshore marine support services (OSV) Perdana Petroleum Berhad (Perdana Petroleum), recorded a revenue of RM279.1 million for its financial year ending December 31, 2025 (FY25), a decline of 37 per cent from the corresponding period last year.

For FY25, the group reported a profit before tax (PBT) of RM79.4 million, compared to RM183.8 million last year, representing a 57 per cent decrease.

Meanwhile, Perdana Petroleum’s profit after tax (PAT) came up to RM56.1 million, a reduction of 62 per cent from RM146.1 million reported last year

Despite a slower start to FY25, the group said it remains committed to optimising vessel deployment, strengthening operational and cost efficiency to support utilisation levels, underpinned by ongoing offshore maintenance, production support and gas development activities within Malaysia’s upstream sector.

Perdana Petroleum managing director, Jamalludin Obeng commented, “FY2025 began on a softer footing, with the Group’s financial performance reflecting lower activity levels and utilisation compared to the previous year.

“Nevertheless, offshore activity remained generally supportive, contributing to stable vessel utilisation in a relatively balanced OSV market.

“We remain committed to operational discipline, cost optimisation and prudent vessels deployment to strengthen the Group’s performance going forward.”

Jamalludin noted that the oil and has operating landscape remains shaped by ongoing domestic uncertainties which may affect the timing of projects and contract awards.

Petronas has also highlighted concerns over the ageing OSV fleet and the limited pace of newbuild additions across the industry.
“Against this backdrop, Perdana will continue to assess and explore fleet renewal opportunities in a measured and disciplined manner, aligned with our operational needs and financial capacity,” he said.

“The operating environment is expected to remain challenging amid continued rate and cost pressures, foreign exchange volatility and persistent geopolitical uncertainties.

“In particular, ongoing global trade, tariff disputes, Venezuela related supply developments, as well as geopolitical developments in the Middle East and Europe, may continue to contribute to oil price volatility, which could influence client spending patterns and the timing of contract awards.”