Qatari Gas Fleets See Strong Q1
Qatari LNG and LPG carrier operator Nakilat reported April 20 a fourth consecutive first quarter of growth, delivering a profit of riyals 279.6 ($74.8)mn with no disruption to its business. It said it would "continue to follow stringent precautionary measures to ensure the safety of its employees considering Covid-19." Profit was up 18%; revenues of riyals 1bn were up 13% and general and administrative costs were down 1.6%.
Nakilat said the company was supporting Qatar’s "industry-leading position in liquefied natural gas (LNG) exports. Additionally, the Nakilat group continued to strengthen its value proposition, with the ship repair, offshore fabrication, towage and other maritime services contributing towards Qatar’s development as a strategic shipping and maritime hub."
The company said it was on track to start the second phase of its fleet management transition from Shell to Nakilat for another seven vessels. And it said it had also delivered a "major fabrication project comprising an additional living quarters for Qatargas’ North Field Bravo offshore complex."
Nakilat also paid tribute to Qatar Petroleum "for its ongoing support of Nakilat’s activities" and to its "strategic partner QatarGas, in playing a significant role to ensure our robust financial performance."
