Owned Vessel Division

Owned vessel revenue rose by 13.8% YOY to US$70.7 million as gross margins for Owned Vessels widened to 41.7% for FY2025 compared to 36.1% in FY2024 despite softer charter rates and lower offshore activity in 2025. Utillization in 2025 was lower than 2024 arising from geopolitical concerns and the early stage of most drilling projects which are shorter term in nature. However, this was compensated by higher revenue from having more Dynamic Positioning (DP) equipped vessels. The Company operated a larger number of units of higher value vessels in FY2025.

Chartering Division and Other Services

Gross Profit from the Chartering Division continued to decline with a drop in contribution to US$0.5 million in FY2025 compared to US$1.4 million in FY2024. Some of the declines resulted from a strategic decision to move the Company towards a management fee based ship management business model for better scalability, where the Company now receives fees for various services which are recorded in the Other Services Division. Contribution from Other Services Division has increased by 9.3% YOY by US$0.2 million to US$2.8 million in FY2025.

Direct Expenses and Gross Profit

With a larger number of DP vessels in operation and more overseas contracts, total crewing costs rose by 10.5%YOY to US$11.4 million for FY2025. Depreciation rose accordingly by 10.4% YOY to US$14.8 million for FY2025 from the full year impact of the additions to the fleet in 2024. One PSV completed reactivation and became operational in 4Q2025. Operation expenses were slightly higher (+2.2% YOY) at US$5.2 million while maintenance costs fell by 2.9% YOY to US$7.3 million. Fuel bunker was significantly lower (-26%YOY) as idle vessels were berthed in Batam on shore power.

By December 2025, there were 7 units of PSVs in operation, as compared to 5 units of operational PSVs at end 2024. The Company purchased an additional PSV in late 2025 and she is being delivered to Indonesia and expected to be operational by 2H2026.

Total Gross Profit rose by 24.1% YOY to US$32.7 million.

Indirect Expenses and Operating Profit

Total Indirect Expenses rose by 10%YOY to US$9.4 million for FY2025. The largest increase in indirect expenses came from salary cost, in line with a building out of key technical and operations positions to prepare for scaling up the fleet. Salary expenses rose by 11.9% YOY to US$6.5 million for FY2025, as employee strength increased to 252 from 244. Marketing expenses rose by 17.2% YOY due to fees and commissions as well as bid bond expenses to participate in tenders. Investments in new subsidiaries added 12.6%YOY to office utility costs which amounted to US$0.6 million.

As a result, Operating Profit for FY2025 jumped by 31% to US$23.3 million compared to US$17.8 million in FY2024.

Other Income, Expenses and Core Net Profit

Cash flow from operations have increased due to better revenues and receivables collections, and the Company has also taken on more debt to refinance vessels. As a result, interest expenses rose by 83.5% YOY to US$2.1 million, while interest income doubled to US$1.0 million.

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