Kreuz Holdings' net profit up 77% to US$10.4m

Revenues increased to US$45.5m.

In a release, Kreuz Holdings, an integrated subsea service provider for the oil and gas industry, reported that the Group’s revenue increased 33.6% to US$45.5 million for the three months ended September 30, 2012 as compared to US$34.1 million in the previous corresponding period (“3Q2011”).

Net profit was US$10.4 million for 3Q2012 compared to net profit of US$5.9 million in 3Q2011. For the nine months ended September 30, 2012, net profit increased 33.0% to US$34.0 million, as compared to US$25.5 million in the previous corresponding period.

This was achieved on a 35.6% increase in revenue to US$155.4 million in 9M2012 as compared to US$114.5 million in 9M2011.The increases in revenue for both 3Q2012 and 9M2012 were driven mainly by higher revenue from related parties.

Mr. Kurush Contractor, Executive Director and CEO of Kreuz, said: “We are pleased with our results performance, achieved soon after reaching significantmilestones this quarter. We were transferred to Main Board of the SGX-ST just last month and have successfully received a mandate from our shareholders for the building of a dynamic positioning multi-purpose  support vessel. This state-of-of-the-art vessel that Kreuz is acquiring as part of our prudent fleet  expansion strategy is capable for subsea operations at water depth of 3,000 metres.

“We remain committed to expanding our range of subsea services and enhancing our subseacapabilities in both shallow and deep water offshore oil and gas  operations to capture more opportunities in the South East Asia, South Asia and other regions.”