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Maridive’s OSV backlog rises to $692m after UAE contract

Maridive’s OSV backlog rises to $692m after UAE contract
Photo Credit: Arabianeye - Reuters
Maridive
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Cairo – Mubasher: Maridive & Oil Services Co. said, in a bourse filing posted Thursday, that its offshore support vessels (OSV) segment won several new contracts.

Accordingly, OSV signed contracts rose to $692 million for the years 2015-2019, Maridive added.

The company also said the new contracts include a five-year lease contract for a marine vessel in the UAE at a total value of $23 million. It also extended a lease contract for a marine unit in Egypt for two years at a value reaching EGP 7 million.

Maridive & Oil Services Co. said consolidated net profit for the first quarter of 2015 soared by 177.5% to $3.08 million (EGP 23.5 million), compared with EGP 1.1 million (EGP 8.5 million) in the year-ago period.

The Egypt-listed offshore and marine services provider said earlier Q1 standalone net profit fell by 27% to $3.551 million (EGP 27.15 million), down from $4.84 million (EGP 3.70 million) in the corresponding period a year earlier.

Maridive said earlier it won a five-year contract to provide maintenance services in Saudi Arabia, at a total value of $25 million.

The offshore services firm previously posted a 252% surge in FY14 net profits to $7.11 million, up from $2.02 million a year earlier.