By JAMIE LEE
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OFFSHORE oil and gas drilling and services company Jasper Investments may post a fourth-quarter loss as a result of lower revenue and issues over a loan by one of its units.
Jasper said yesterday that its unit Neptune Marine Oil & Gas has agreed to reduce 'amounts to be invoiced' to client Petroleous de Venezuela (PDVSA) from December 2008 to January 2009.
'This reduction, with other downtime in the ordinary course of the Neptune Group's operations, translates to significantly lower-than-average operating efficiency for Q4 ending March 31, 2009,' Jasper said. This will drag down operating margins for the quarter, it added, though it did not say by how much. BT was unable to contact the company last night. Jasper said that if revenue from PDVSA falls short of the conditions of a US$290 million loan, Neptune will seek a waiver from its lenders.
Earlier this month, Jasper said that another client, India's Reliance Industries, had terminated a contract for a drill-ship called Explorer. Explorer was undergoing an upgrade which, when completed, would allow Jasper to draw down a second tranche of a term facility, its latest financial statement showed.
The company said that it was working with Reliance to reach a 'mutually satisfactory agreement over the termination of the contract', while looking at other options for the drill-ship.
Neptune said yesterday that it is looking to extend an existing bridging loan and to secure a replacement contract for Explorer. This is so that it can draw down 'tranche B' of the US$290 million loan facility and 'cure any potential breaches of the facility and the existing bridging loan', Jasper said. 'There is no assurance that the group will be able to record a profit for the fourth quarter of FY2009,' it said.
Jasper posted a net loss of US$426,000 for Q3 ended Dec 31, compared with a US$1.52 million loss a year earlier. For the nine months, it reported a net profit of US$5.19 million, reversing a US$139,000 loss a year earlier.
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