It has been quite a while since I look at Singapore Oil & Gas stocks. Some of my NAOF readers would be aware that I used to be a Sell-side analyst, covering the oil & gas industry. Not a pretty sight in the past decade if I may be honest. However, things have been looking brighter of late, with the gradual improvement in oil prices as well as stronger supply/demand dynamics seen within the offshore O&G industry. Might there be opportunities in some of these offshore-related plays within the Singapore context? Marco Polo Marine: The Devil Lies in the Details I took a brief look at Marco Polo Marine this morning when it reported its 1HFY2023 financials last evening (11 May 2023). Source: Company The reported numbers weren’t pretty. Despite the company generating strong revenue growth, up 102% YoY to S$55.9m in 1HFY2023 vs. S$27.6m in 1HFY2022, net profits attributable to equity holders were down by 61% to S$4.3m.