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Milaha has taken delivery of a new lift boat which will be deployed offshore, in support of field maintenance efforts, from Bohai Shipbuilding in China. Milaha Explorer will be the biggest lift boat to be owned by a Qatari company, possessing a large deck area and variable load capacity, as well as the ability to accommodate 300 persons on board.
The lift boat’s capabilities will help enhance the company’s diverse portfolio of services to the offshore oil and gas sector. Vivek Seth, chief executive of Milaha-owned Halul Offshore Services, said: “We have ordered a particularly large lift boat to address the growing demand for these types of assets, both in the region and the world. We believe that this strategic vessel will help augment our status as a partner in the life extension of mature fields and enhanced field maintenance services.”
Also last week Milaha reported a net profit of QR 352 million for the first quarter in 2016. This represented decrease of 3.5% compared to the same period in 2015
While business overall was slightly down, there has been a very mixed performance within Milaha’s various operating divisions so far this year. Milaha Maritime & Logistics’ revenue declined by 2% and net profit by 22%, partially due to increased pressure on pricing, particularly in the container feeder business. In addition Milaha Offshore’s revenue declined by 10% and net profit by 47%, because of the very challenging offshore business environment and a delay in vessel mobilisation.
By contrast Milaha Gas & Petrochem’s revenue grew by 63% and net profit by 23%. This was largely the result of investment in two LNG carriers made in the second half of 2015 and stronger results from investments in associated companies and joint ventures.
