Offshore services provider Marco Polo Marine has provided close to SGD300m ($220m) in impairments and allowances during its third quarter of financial year 2017 on the back of a protracted downturn in the oil and gas sector.
Embattled Nam Cheong has made asset impairments and writedowns of MYR1.88bn ($444m) during the second quarter, sending the OSV builder into a first half loss of MYR2.07bn.
FSL Trust has taken a $24.1m impairment charge due to the falling values of vessels.
Engineering and fabrication shipyard Triyards Holdings has made a $53.38m allowance for impairment charges for the nine months ended 31 May for its financial year 2017, due to reassessment of certain assets value and its exposure to its bankrupt ultimate holding company Ezra Holdings.
Offshore services firm Vallianz Holdings has warned of a significant net loss for the third quarter of 2017 and the 15-month period ended 31 March 2017, due mainly to non-cash impairment expenses.
Malaysian oil and gas company Bumi Armada was the latest to take a hit from poor market conditions, finally succumbing to a MYR1.1bn ($247.3m) hit from impairments it had to take on its offshore support vessel (OSV) fleet.
Malaysia’s OSV builder Nam Cheong has sank to a loss for the financial year 2016 on a 82% year-on-year plunge in revenue and assets impairment.
Jinhui Shipping and Transportation has stayed in the red in 2016 due mainly to impairment charges amounting to $158.47m, though it narrowed the loss compared to 2015.
OSV owner Pacific Radiance has been hit by an annual loss of $121.68m due mainly to $52.2m in impairment charges as a result of the difficult offshore market.