CM Energy Tech half-year profit falls on Pemex impairment

CM Energy Tech

28/08/2026 12:20

Overview
Oilfield services provider's half-year revenue rose 1.1% yr/yr to $63.3 mln
Gross profit dropped 64.8%, mainly due to $9.5 mln impairment on discontinued Pemex projects
Company posted $9.3 mln net loss, reversing prior-year profit

Outlook
 CM Energy's conditional HK$324.3 mln share subscription for 1.622 bln shares at HK$0.20 each remains pending completion
TSC Offshore commits $15.9 mln to a 29%-owned JV for Petronas's Sepat FPSO lease, O&M and vessel project
CM Energy plans on-time H2 delivery of rigid sails, methanol fuel systems and marine cranes while expanding overseas sales

Result Drivers
PEMEX PROJECT IMPAIRMENT - Gross profit dropped mainly due to a $9.5 mln impairment on discontinued Pemex projects
HIGHER R&D INVESTMENT – Selling, distribution and administrative expenses rose 19.5% to US$14.0 mln, mainly due to increased R&D spending
OFFSHORE EQUIPMENT DELIVERIES – Shipbuilding and offshore equipment revenue rose 17.2% to US$30.4 mln on higher delivery volumes

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
$63.30 mln
 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)