Singapore’s OSV player Vallianz has reached an agreement with eight of its trade creditors for them to subscribe to new ordinary shares of the company in exchange for setting off trade payables amounting to approximately SGD3.13m ($2.26m).
Pacific Radiance has bagged contracts for 10 OSVs in Asia and the Middle East worth $43.5m.
Pacific Radiance has been granted SGD85m ($61.5m) in loans under two Singapore government-backed financing schemes that aim to help offshore and marine companies gain access to working capital amid the prolonged industry downturn.
Bumi Armada got off to a good start with first quarter net profit more than doubling to MYR48.1m ($11.2m) from MYR23.4min the previous corresponding period, even though revenue fell 6% to MYR404.2m.
Malaysian offshore services company Alam Maritim Resources hopes to at least maintain its current revenue of MYR200m ($46.8m) to MYR300m for 2017, however warned that it would take two to three years to return to profitability.
UAE-headquartered OSV owner Topaz Energy & Marine reported a $3.3m loss in the first quarter as constant challenges in the Middle East and Africa regions remain.
Singapore OSV owner Vallianz Holdings has scored contracts worth up to $115m for four vessels in the Middle East and Central Asia.
Singapore-based OSV owner Pacific Radiance has formed a joint venture with Allianz Offshore Middle East (AOME).