Marco Polo Marine (5LY) released a voluntary business update on Aug, 18 2026, reporting solid growth for the third quarter and the nine months ended Jun, 30 2026.

Third-quarter revenue rose 13% year on year to 35.7 million Singapore dollars, while gross profit increased 7% to 15.0 million Singapore dollars. Gross margin stood at 42%, compared with 44% a year earlier.

For the first nine months, revenue climbed 30% to 109.7 million Singapore dollars, and gross profit also advanced 30% to 46.4 million Singapore dollars, maintaining a 42% margin.

By segment, ship chartering revenue grew 8% year on year to 24.0 million Singapore dollars in the third quarter and 26% to 68.3 million Singapore dollars for the nine-month period. Shipbuilding and repair revenue expanded 23% to 11.7 million Singapore dollars in the quarter and 37% to 41.4 million Singapore dollars over nine months.

Average fleet utilisation reached about 72% in the third quarter, up from 65% in the previous quarter and 71% in the prior-year period. The improvement was supported by the entry of the company’s first commissioning service operation vessel (CSOV), MP Wind Archer, and the deployment of three additional crew transfer vessels (CTV).

In Jul, 2026, subsidiary PKR Offshore signed a framework agreement with Siemens Gamesa Renewable Energy covering the deployment and charter of two CSOVs. The agreement, effective from 2029 with extension options, will initially support projects in Taiwan and may extend to Korea and Japan.

Marco Polo Marine continues to expand its fleet, with two anchor-handling tug supply vessels scheduled for delivery in FY2026 and the CSOV Plus under construction for handover in the second quarter of 2028. A third CSOV is in the planning stage.

The company also noted that the fourth dry dock at its Batam shipyard is fully operational, enhancing maintenance capacity. In addition, the proposed reverse takeover by Fuji Offset Plates Manufacturing, announced on May, 15 2026, remains in progress and is subject to regulatory and shareholder approvals.

Management expects near-term charter rates and utilisation to remain firm in the offshore oil and gas market, while the Siemens Gamesa agreement provides multi-year revenue visibility for the offshore wind segment.