OSV owner and operator Tidewater Inc. and its 26 subsidiaries have voluntarily filed for Chapter 11 bankruptcy in the US district court of Delaware on Wednesday.

Singapore’s ASL Marine has reversed into the red in the quarter ended 31 March 2017 due mainly to one-off losses, compared to a profitable year-ago quarter.

Malaysia’s Nam Cheong has sank deeper into the red with a loss of MYR47.51m ($11m) in the first quarter compared to the deficit of MYR40.12m in the same period of last year.

Singapore-listed offshore services firm Marco Polo Marine saw its first half loss deepened to SGD4.77m ($3.4m) compared to the loss of SGD1.1m in the same period of last year.

OSV owner and operator Tidewater Inc. will file for Chapter 11 bankruptcy by 17 May following the signing of a Restructuring Support Agreement (RSA) with certain of its lenders.

Pacific Radiance saw its first quarter loss more than doubled from the year-ago period amid tough operating environment in the offshore vessels market.

ASL Marine has warned investors of a net loss for its third quarter and nine months ended 31 March 2017 in view of challenging conditions in the offshore marine segment.

Revenues continued to decline for offshore vessels owner Bourbon in Q1 this year down 7.7% on the previous quarter as improved oil prices failed to boost activity.

Indonesian offshore marine services player Wintermar Offshore Marine saw first quarter net loss widen to $4m from $1.4m in the previous corresponding period as the oil industry slowdown kicked in.

The US shale production has been and will continue to be the “biggest disruptor” to activities for the offshore market, which is going through its “worst” period in history, according to Michael Chia, managing director of Keppel Offshore & Marine (Keppel O&M).

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