Services firm Falkland Islands Holdings says oil plans for the archipelago remain positive as it prepares for the launch of the Sea Lion development.
The company, which owns services businesses in the Falklands and the UK, saw pre-tax profits up 14.8% to £1.37million for the first half of 2013.
The company, which has a minority stakeholding in Falklands Oil and Gas Ltd, said it had been boosted by performance of its art handling arm, Momart, and Portsmouth Harbour.
Now the focus was on the oil operations expected to get underway, after FOGL launched a takeover for rival Desire to strengthen its South Atlantic position.
Developers Rockhopper and Premier Oil are expected to hear a final decision next year on the Sea Lion field, which is thought to contain around 400million barrels of oil.
“We remain optimistic about the future for oil development in the Falklands and we are continuing to plan for our oil related investment projects which we will be ready to start when the Sea Lion project is approved by the Falkland Islands Government and demand grows,” said chairman David Hudd.
“The group is in a strong financial position to exploit the opportunities which will arise and overall we expect a satisfactory result for the full year, with continued strong performance from Momart compensating for subdued trading in the Falkland Islands.”
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