HALF YEAR RESULTS – 31 DECEMBER 2023
MMA Offshore Limited reported a significant increase in financial performance for the half-year ending 31 December 2023, with EBITDA up 97% to $63.3M.
Underlying EBIT and NPAT saw substantial increases of 207% and 339% respectively, indicating strong operational performance.
Operating cash flow increased by 186% to $64.5M, reflecting improved cash generation capabilities.
More than 50% of the company's revenue now comes from diversified sources outside the traditional oil and gas sector, including offshore wind, government & defence, and decommissioning services.
The company reported a 28% increase in revenue to $204.3M compared to the previous corresponding period.
A reversal of $23.0M in prior years’ fleet impairments was made due to improved fleet valuations, contributing to the reported NPAT of $62.5M.
Strong demand from both the oil and gas and offshore wind sectors is driving positive market conditions and rate improvements.
The company is well-positioned for future growth with $65.8M in cash and $120M in available debt capacity, alongside a strong order book and positive market outlook.
MMA Offshore is actively pursuing diversification and growth strategies, including expanding its presence in the offshore wind market and government & defence sectors.
The company added two new vessels to its fleet, funded through cash reserves, to support its subsea and multi-purpose support vessel operations.
This announcement is a summary of the company approved ASX announcement on 22/2/2024 and is based on facts.