Maritime Industrial Services Co. (MIS) posted weaker second quarter 2011 results with revenue falling by 44 per cent and profits took a tumble with MIS posting a loss of US$6.1mn.
MIS was acquired by Lamprell plc which was completed in July 2011.
According to a company statement, revenue hit US$54.5mn a decrease of 44 per cent on the same period last year, with only one jackup rig generating revenue in the quarter, and 20 per cent down on the previous quarter.
Net income was affected during the quarter with MIS posting a loss of US$6.1mn in the quarter including US$500k of costs related to the subsequent sale of the business to Lamprell.
The net loss sustained in the quarter resulted from continuing difficulties on the Al Bzoom refurbishment project, involving delayed completion; the project is expected to be handed over in August. Rig Refurbishment made a negative contribution of US$8.9mn in the period.
MIS provide an outlook for the future as the business is absorbed into the Lamprell Group saying, “the focus of the company will be to develop all value streams, including its thriving traditional businesses and to the development of its primary growth targets: EPC and Iraq.”
