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- TEK-Ocean (T3K) sees growth in revenue for the March quarter, as the company secures new contracts in the Bass Strait and Western Australia
- Total year-to-date revenue of $18.4 million was recorded at the end of March, representing a $16.9 million increase from the previous corresponding period
- Looking ahead, the company plans to take advantage of its newly upgraded capabilities and increased decommissioning prospects to further its upcoming business pipeline
- The company is expecting growth, with future revenue estimated to exceed results from FY20 and FY21
- Shares are trading 2.5 per cent lower today at 19.5 cents each
TEK-Ocean (T3K) has seen growth in revenue for the March quarter, as the company secures new contracts in the Bass Strait and Western Australia.
Vessel contracts came in at over $3 million utilising the new 60 T crane and revenue for the quarter was $6 million
Total year-to-date revenue of $18.4 million was recorded at the end of March, representing a $16.9 million increase from the previous corresponding period.
T3K is currently working on its first drill pipe maintenance contract.
Looking ahead, the company plans to take advantage of its newly upgraded capabilities and increased decommissioning prospects to further its upcoming business pipeline.
The company is expecting growth, with future revenue estimated to exceed results from FY20 and FY21.
“We are very pleased with our Q3 results as it was a very active quarter involving our key business units, additionally we secured several high value vessel contracts whilst also continuing to meet pre-existing marine commitments in utilising our additional offshore vessel lifting capability,” Managing Director and CEO Alex Biro said.
Shares were trading 2.5 per cent lower today at 19.5 cents each at 12:56 pm AEST.
