courtesy KS Energy Services

Singapore-based oilfield contractor KS Energy Services on Friday that higher “revenue and profit contributions” from operations couldn’t prevent a drop in net-profit over this time in 2008, when divestments inflated final numbers.

The Group posted a $12.8 million net profit on $128 million in revenue, the figures down $7 million and $70 million year-on-year.

The group said it was seeing first revenue from two land rigs and the lift boat KS Titan-2 was now making money hoisting wind turbines onto their North Sea pedestals for Siemens.

And the group now expects to earn more from its business Atlantic Oilfield Services Ltd., a drilling rig-management company.

“KS Energy now has the capability to supply as well as operate capital equipment, including on-shore and off-shore rigs,” a statement said. Diversifying the “earnings base” appears to be Group survival tactic No. 1.

“The Group expects that demand in the oil and gas industry will remain volatile,” a statement said, before adding “expansion” across the world was the way to go until everyone is saying “global economic recovery”.

Tags: KS Energy Services Limited