Why is Beng Kuang Marine up 355% year-to-date?

Here's a small-cap, Beng Kuang Marine, that has seen its stock price surge this year, thanks to a robust oil and gas industry.

Beng Kuang (market cap: S$59 million) reaped a $7.9 million net profit in FY23 versus a loss-making FY22, thanks largely to its FPSO business.

Out at sea are FPSO (floating production storage and offloading) vessels that process oil from nearby oilfields, and store it until it can be transferred to a tanker.

This is where Beng Kuang Marine comes in, providing a wide range of engineering services including repair and maintenance of floating production platforms, onshore and offshore marine fabrication; and the production and supply of customised pedestal cranes and deck equipment.