Maridive to conduct offshore exploration in the Mediterranean

MaridiveEgyptian company Maridive & Oil Services S.A.E. has developed a strategy that targets natural gas exploration in Egyptian territorial waters, including the Mediterranean, according to a company source, who requested anonymity.

This comes after the government halted several agreements with a number of international companies following the Zohr discovery, the largest natural gas field found in the Mediterranean.

The discovery is expected to pave the way for new discoveries that require increased investments in research and exploration.

The source said the second aspect of Maridive’s strategy is maintaining the operation levels of offshore units at between 80% and 85%, while monitoring customers’ requests on units built before the year 2000.

The sources pointed out that if the old units prove to be unbeneficial economically, they will be sold to reduce operational costs, to support the company’s strategy to rationalise costs.

The source further noted that Maridive will conclude the implementation of the $151m Petrofac project in the UAE for the Abu Dhabi Marine Operating Company (ADMA-OPCO) in the first quarter of 2016.

Moreover, Maridive began construction phase of one project for the Oil and Natural Gas Corporation in India last November. The project will be completed within the second quarter of next year, according to the source.

The company’s net profits declined during the first nine months of this year to $5.456m, compared to $11.06m during the same period of 2014. However, revenues recorded $288.2m this year versus $226.64m during the same period of 2014.

Meanwhile, costs amounted to 83% of revenues during the first nine months of 2015, compared to 80.5% during the corresponding period of last year.

Maridive’s net profit declined during the third quarter of 2015 to $131,000, compared to $5.06m during the same period last year.

The sources attributed this decline in the company’s profits to the increase of the funds allocated for operational risk, in addition to increased income taxes paid within the portfolio of subsidiaries.

The company’s revenues during this period were distributed over $102m from its offshore services sector, where the operation levels of the units built after the year 2000 reached about 80%, compared with 75% for units built prior to 2000.

Maridive’s offshore projects accounted for approximately $188.95m of its revenues during the first nine months of 2015, compared to $123.7m during the same period last year.

(Source: Daily News Egypt)

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