Singapore-listed EMAS Offshore reported a loss of $2.21m for its first quarter ended 30 November 2016, narrowing from the deficit of $3.23m in the previous corresponding period.
First quarter revenue fell by 15% year-on-year to $42.54m due to continual weakness in the offshore oil and gas industry leading to lower demand for OSVs.
“The market is expected to remain extremely challenging for the rest of FY2017. Daily charter rates are still expected to remain depressed,” said Adarash Kumar, ceo of EMAS Offshore.
EMAS Offshore noted that offshore oil and gas activities have not increased significantly and this trend is expected to persist and will weigh down on the group’s financial performance.
The group stated that it is continuing to execute its plans to improve operational efficiency and overall fleet utilisation as well as dispose of non-core assets.
“We continue to maintain focus on our key geographical markets which are Asia Pacific and West Africa. This was reflected in the $61m worth of contract awards during Q1FY2017 as announced earlier,” Kumar said.