Net profit for the quarter declined by 35.1% to $3.85m from $5.93m in the same period of last year, CH Offshore announced.
The third quarter revenue also decreased by 13.1% year-on-year to $7.8m due to lower contributions from its OSV fleet as two vessels were sent for their mandatory major overhaul.
“The lower revenue was also due to lower charter rates as clients negotiated for rates reduction as oil price had declined sharply in recent months,” CH Offshore said.
“Due to the low crude oil price, oversupply and low demand for offshore support vessels, the market environment is highly challenging. The group will take all appropriate measures to maintain the fleet utilisation,” it added.
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