Owned Vessel Division

Owned Vessel revenue grew by 41.4% YOY to US$45 million in 1H2026 as more vessels were operational compared to 1H2025. Margins for owned Vessels widened to 51.7% in 1H2026 compared to 39.1% in 1H2025 as more PSVs were deployed. However, fleet utilization in 2Q2026 was slightly lower than 1Q2026 as the market is still largely dominated by spot contracts in the period, although charter rates are higher.

As the acquisition of FOS was completed at the end of June, earnings from FOS will only be consolidated in 2H2026. There has been a delay in the tendering timeline for some longer term domestic OSV contracts, which prolong the volatility in the fleet utilization as a large proportion of the fleet are still on short term contracts. The conflict in the Middle East has also impacted some vessels which had been planned for deployment in that region.

Chartering Division and Other Services

Revenue contribution from the Chartering division continues to decline as management focus has shifted toward maximizing the utilization of Owned Vessels and marketing the additional vessels, which offer significantly higher margins than chartered vessels. Total chartering revenue fell by 40.5% YOY to US$1.6 million for 1H2026, and gross profit fell to US$0.11 million compared to US$0.2 million in the previous year.

Conversely, revenue from Other Services rose by 40.8% to US$3.4 million for 1H2026 from more fee-based income, with gross profit of US$1.5 million compared to US$1.4 million in 1H2025.

Direct Expenses and Gross Profit

Direct Expenses for Owned Vessels rose by 12% YOY to US$21.7 million for 1H2026, largely from higher depreciation (+16.8% YOY to US$8.0 million) due to additional vessels in operation, and a 25.6% YOY jump in crewing costs also arising from the increase in the number of certified crew for the Dynamic Positioning vessels and vessels working in foreign countries. Operations costs rose 11% YOY to US$2.3 million for 1H2026 while maintenance costs fell slightly by 2.5% YOY to US$4 million, as there were some large repairs and upgrading costs for High Tier vessels last year which are now operating in 1H2026. As fleet utilization improved in 1H2026, fuel costs also reduced by 40% YOY as charterers are responsible for fuel expenses when the vessel is in operation.

Total Gross Profit jumped by 76.9% YOY in 1H2026 to US$24.9 million, with the Owned Vessels Division contributing US$23.3 million.

Indirect Expenses and Operating Profit

Total Indirect Expenses fell by 6.2% YOY in 1H2026, largely from lower salary related costs which offset by higher marketing expense.

Operating Profit rose by 124.6% YOY to US$20.1 million in 1H2026.

Other Income, Expenses and Net Attributable Profit

Interest expenses continued to fall slightly by 6.8% YOY to US$1.0 million while interest income rose 25.7% YOY to US$0.4 million. Associated Companies recorded a loss of US$1.6 million, due to lower utilization of fleet as vessels underwent repairs and maintenance in 1H2026. There was a forex loss of US$0.4 million incurred in 1H2026 on the portion of the Company's cash held in Rupiah currency due to the depreciation of the Rupiah in the period.

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