The $900,000 Q1 profit compared to $17.8m net profit in the same period in 2014. Revenues fell by 25% year-on-year to $31.5m in the first quarter of 2015 due to lower utilisation of subsea diving support vessels and OSVs.
“Although this downturn has been quite severe, our support vessels are progressively being chartered out, several of them with repeat customers,” said Pang Yoke Min, executive chairman of Pacific Radiance. “But even as we work to improve fleet utilisation, we are mindful that the charter rates we secure should give a reasonable return on our assets.”
Looking ahead he said he expected operating conditions in the oil and gas market to remain tough.
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