JAYA HOLDINGS LTD 
By JAYA HOLDINGS LIMITED
13 Tuas Crescent
Singapore 638707
Tel: +65 6265 1010
Fax: +65 6864 5555
Jaya reports results for first quarter ended 30
September 2010
For the three months ended 30 September 2010, Jaya reports• Revenue of S$78.2 million
• PATMI of S$31.3 million
SINGAPORE, 5 November 2010 FOR IMMEDIATE RELEASE
Jaya Holdings Limited (the "Company", and together with its subsidiaries, the "Group") registered revenue of S$78.2 million and net attributable profit (PATMI) of S$31.3 million for the financial quarter ended 30 September 2010.
The Group's total revenue for the first quarter under review was $78.2 million, 94% higher than the previous corresponding quarter of $40.4 million. The Offshore Shipping Division recorded lower revenue, down 17% while revenue from the Shipbuilding Division was 224% higher than the previous corresponding quarter.
The Offshore Shipping Division revenue was lower mainly due to lower fleet utilisation of 66% for the quarter under review compared to 81% in the previous corresponding quarter. The decrease was partially offset by higher average daily vessel charter rate of $14,559, compared to $12,915 in the previous corresponding quarter due to a younger fleet and vessels of higher specifications. Fleet size as of 30
September 2010 was 21 vessels compared to 22 vessels a year ago.
The Shipbuilding Division recorded significantly higher revenue for the quarter under review mainly due to higher vessel sales. During the quarter under review, the division delivered and sold three vessels at 100% revenue recognition as compared to an average revenue recognition of 22% for two vessels under construction in the previous corresponding quarter.
The ship chartering market is expected to remain weak due to new vessels coming on line and it will take time for the market to work out the oversupply situation despite a healthy demand growth. Although activity level has picked up, the supply/demand balance remains unfavourable for vessel owners. Hence, it is expected that rates and utilisation pressures will continue in the near term and keep charter rates and vessel prices low. Despite these challenging market conditions, the Group has secured a two-year bareboat charter contract with option to purchase for an accommodation
JAYA HOLDINGS LIMITED
13 Tuas Crescent
Singapore 638707
Tel: +65 6265 1010
Fax: +65 6864 5555
work barge with purchase option exercisable at half-yearly intervals. If the full two- year charter is completed, total charter proceeds will approximate US$14.6 million.
The sale and purchase activities for completed or nearly completed vessels remain active. However, build-to-order activities continue to remain muted as the market is still absorbing deliveries of orders made in prior years.
Jaya's CEO Mr Chan Mun Lye said: "Oil companies are increasing their exploration and production spending as the financial market recovers, the oil price stabilises and confidence returns. A recovering world economy will likely trigger an increase in the price of oil as consumption increases. This will provide support for increased exploration and production spending which in turn will drive the demand for OSVs. Jaya is in a strong financial position to take advantage of the opportunities when it happens."
ABOUT THE COMPANY www.jayaholdings.com
Jaya is an offshore chartering and shipbuilding company providing essential support services to the oil and gas exploration and production ("E&P") industry. Through its chartering division, Jaya owns a versatile fleet of young and sophisticated vessels that cater to the oil & gas sector. Its chartering fleet, currently consisting of 21 vessels, services a wide base of high- profile clients across the globe. Jaya is vertically integrated with shipbuilding capabilities which allow its chartering operations to enjoy significant cost advantages. Jaya also builds and sells offshore vessels to third party operators and charterers. These vessels are mainly anchor handling tug supply vessels (AHTSes) and platform supply vessels (PSVs), but include work barges as well. Jaya owns three shipyards, located in Singapore, Batam and Nantong Qidong in China with a total capacity of 91.7 acres spanning a total shoreline of 1,250m.
FOR FURTHER ENQUIRIESMS KOH AI CHIN JAYA HOLDINGS LIMITED
+65 6265 1010 enquiry@jayaholdings.com
MS THAI KUM FOON JAYA HOLDINGS LIMITED
+65 6265 1010 enquiry@jayaholdings.com
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