A timely restart for GSS Energy

SINGAPORE (Oct 14): With the benefit of hindsight, Sydney Yeung, CEO of GSS Energy, was glad that an earlier agreement to produce oil in Indonesia fell through.

In 2015, GSS’s joint venture company had been given a contract by an Indonesian village to drill and produce oil. However, the village became embroiled in a dispute with state-owned oil major Pertamina, from which it had obtained rights to give out the contract.

The deal fell through and GSS Energy took a huge impairment loss of $32.9 million. That caused the company to incur losses of $18.8 million for FY2015 ended Dec 31, a sharp reversal from earnings of $1.3 million in FY2014. Revenue for FY2015 was $67.6 million, slightly below the $68.7 million in the preceding year.

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