Maintenance on its main production vessel and a drop in the oil price more than halved profits at Malaysia’s Anasuria Hibiscus.
The firm, the UK branch of Hibiscus Petroleum, recorded pre-tax profits of £2.7million for the 2019 financial year, a 63% drop on 2018’s £7.4m total.
It comes after the Anasuria FPSO was completely shutdown in July for maintenance before being restarted later that quarter.
As a result, the firm sold 522,000 barrels of oil from two offstakes during the year, down from nearly 800,000 the previous year, while the average price of crude dropped from $68 to $63.
The combination hit Anasuria’s revenues, which dropped 40.5% from £44.1m to £26.2million.
The FPSO produces a cluster of fields, comprised of the Teal, Teal South, Guillemot and Cook fields.
Anasuria also recorded costs related to depreciation of assets of £2.8million, as well as others related to decommissioning.
It comes as the firm said in December it intends to develop a cluster of assets in the central North Sea via an FPSO, including the Marigold and Sunflower fields, 155miles north-east of Aberdeen.
Anasuria Hibiscus UK bought 50% of the assets, thought to contain 60million barrels of oil, from India’s Aban Offshore for £28.5 million in 2018.
The firm is also looking at also developing the Crown discovery, recently acquired from United Oil and Gas, through the FPSO.
Anasuria said it expects a final investment decision to be made by the end of this year.
The financial results come as parent company Hibiscus, which also has operated assets in Malaysia, posted pre-tax profits of £23.6m on revenues of £78.4m last year, down from £39.5m and £95.5m respectively.
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