(EnergyAsia May 20, Tuesday) — Singapore-listed Technics Oil and Gas Limited, an integrated specialist services provider serving the world oil and gas exploration and production industry, said its first-half revenue to March 31 2008 rose 17% to S$38.62 million. (US$1=S$1.36). Gross profit was up 28% to S$9.57 million.

However, its net profit fell to S$1.45 million compared to S$2.5 million in 1H FY2007.

The company attributed the increase to the completion of contracts and revenue recognised for various projects completed in FY2007.

Group managing director and founder Robin Ting said: “Technics had a good start to FY2008 in terms of new contracts secured. We have prepared ahead for our expansion and started to receive more enquiries, including our ability to take on supersize gas compression systems and process modules.

“Apart from beefing up our working capital requirements, we also invested heavily in our human capital. The costs of doing business in Singapore have gone up significantly. Administrative expenses rose by S$2.01 million or 49% in 1H FY2008.”

To prepare for expansion, Technics said it has recruited another 48 staff including project engineers and support staff during the financial half year.

Mr Tin said: “We are anticipating a better financial performance in 2H FY2008 compared to 1H FY2007. Over the longer term, we are confident of securing more high-value and more complex projects.”

Established in 1990 and listed on the Singapore Exchange since April 2003, Technics Oil & Gas is a one-stop specialist services provider to the oil and gas industry in the Asia Pacific region. Its customer base include major oil and gas companies, builders and operators of oil-rigs, semi-submersibles and floating production storage and offloading (FPSO) ships.