{"id":624766,"date":"2018-09-18T04:19:17","date_gmt":"2018-09-18T04:19:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/maridive-announces-12-rise-in-1h2018-revenues-aims-to-transform-into-epc-player-offering-turnkey-solutions-and-pursues-new-markets\/"},"modified":"2018-09-18T04:19:17","modified_gmt":"2018-09-18T04:19:17","slug":"maridive-announces-12-rise-in-1h2018-revenues-aims-to-transform-into-epc-player-offering-turnkey-solutions-and-pursues-new-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/maridive-announces-12-rise-in-1h2018-revenues-aims-to-transform-into-epc-player-offering-turnkey-solutions-and-pursues-new-markets\/","title":{"rendered":"Maridive announces 12% rise in 1H2018 revenues, aims to transform into EPC player offering turnkey solutions and pursues new markets"},"content":{"rendered":"<p><strong>EARNINGS WATCH- Maridive<\/strong>, the Cairo-headquartered provider of offshore marine and oil support services, <a href=\"https:\/\/ent.news\/2018\/9\/1976.pdf\">released yesterday further details (pdf)<\/a> of its 1H2018 financial and operational performance, including <strong>a 12% y-o-y increase in revenues to USD 113 mn \u201cdriven by a recovery in the industry<\/strong> as oil prices start to stabilize at a new norm.\u201d This helped drive 20% expansion in EBITDA and helped net profit rise 55% to USD 17 mn in the first half, the company said, citing \u201csuccessful implementation of cost cutting measures.\u201d Among the highlights:<\/p>\n<ul>\n<li>The group noted having won <strong>new contracts in Saudi Arabia, Tunisia and Egypt <\/strong>and the acquisition of two new vessels that are now contracted to Eni\u2019s Zohr supergiant field. <\/li>\n<li>Maridive <strong>re-opened rep offices in Tunisia, Nigeria and Venezuela in a bid to grow its book of global business. <\/strong><\/li>\n<li><strong>It has entered the water treatment sector<\/strong> with the award of two contracts for desalination plants as it looks to transform \u201cfrom a services provider to an EPC player offering turnkey solutions.\u201d<\/li>\n<\/ul>\n<p><strong>Outlook:<\/strong> Maridive Chairman Tarek Nadim noted that \u201c<strong>the industry seems to have bottomed out<\/strong> with only upside expected in the future. The offshore oil and gas industry has been gradually showing signs of improvement, with several of our clients undertaking new concessions and resuming E&P spending.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EARNINGS WATCH- Maridive, the Cairo-headquartered provider of offshore marine and oil support services, released yesterday further details (pdf) of its 1H2018 financial and operational performance, including a 12% y-o-y increase in revenues to USD 113 mn \u201cdriven by a recovery in the industry as oil prices start to stabilize at a new norm.\u201d This helped [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624766","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3b6d7d48-a3a9-4daa-bbec-c93be6daca47","order":"0","is_powered_by":true,"section_story_id":"556f9530-4687-4efb-94ab-fb20a48d5720","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624747],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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