EMAS Offshore announced a net loss of US$2.2 million for the quarter ended 30 November 2016 (Q1 FY17), on the back of lower revenues.
For Q1 FY17, the group recorded revenue of $42.5 million, as compared to revenue of $49.8 million in corresponding period last year.
This decline in revenue was the result of continual weakness in the offshore oil and gas industry leading to lower demand for offshore support vessels.
“The market is expected to remain extremely challenging for the rest of FY2017. Daily charter rates are still expected to remain depressed,” Adarash Kumar, EMAS Offshore CEO said.
In the offshore support and accommodation services division, offshore support vessel achieved an utilization rate of 53% for Q1 FY17.
In the offshore production services division, the single floating production storage and offloading vessel continued to perform well, with an operational uptime of close to 100% for Q1 FY17.
“We continue to maintain focus on our key geographical markets which are Asia Pacific and West Africa. This was reflected in the $61 million worth of contract awards during Q1,” Kumar said.
Image: EMAS Lewek Constellation / EMAS
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