Fred Olsen lifts Yinson

Yinson Holdings has seen first quarter net profit almost double following its takeover of Fred Olsen production last year.

The Malaysian FPSO company reported net income of MYR 30.3m ($9.5m) versus the MYR 15.5m seen a year ago.

Revenue at the Kuala Lumpur-listed offshore company was up almost 29% year-on-year to MYR 294m.

Analysts expect earnings to improve in the next quarter following first oil extraction by Yinson’s 49%-owned FPSO, PTSO Lam Son earlier this month.

The sixth-largest FPSO operator in the world is said to be bidding for a large project in Africa and a few medium sized projects in Vietnam, Indonesia and Malaysia.

Management guided that it has sufficient capacity to handle one large and one medium-sized project simultaneously.

Last summer Yinson launched a recommended voluntary cash offer for Norwegian rival Fred Olsen Production worth $170m.