Malaysian offshore vessel builder and owner Nam Cheong is the latest Singapore-listed offshore firm to seek restructuring.

A Singapore court has approved the application made by Swissco Holdings to be placed under judicial management after the debt-ridden OSV operator failed to receive support from its major lenders.

OSV owner and operator Swissco Holdings, which is currently under interim judicial management, is looking to pocket around $7m by selling a 2014-built offshore tug/supply ship.

Bourbon has received a timely support from China’s ICBC Financial Leasing in the form of rescheduling of payments as the OSV owner struggles with losses in a depressed offshore market.

The auditors of Malaysian OSV builder Nam Cheong has cast doubt on the company’s ability continue as a going concern in view of its unstable finances, poor earnings and upcoming repayment requirements on borrowings.

Offshore vessel owner Bourbon reported a hefty loss of EUR279.6m ($299.1m) for 2016 in what it characterised as the “most acute crisis” for marine services in 40 years.

Owners and operators of offshore oil and gas assets have not seen light at the end of the tunnel for the severely depressed market, which continued to be marked by stunted activity levels and lingering overcapacity amid tame oil prices.

The merger of three Norwegian OSV owners Deep Sea Supply, Farstad Shipping and Solstad Offshore is expected to be completed during the first half of this year.

Singapore’s OSV owner and operator Vallianz Holdings has completed a debt restructuring programme to refinance existing borrowings totalling $163.2m, allowing the group to enhance its short to medium term liquidity position.

Malaysian and Singapore owners top the list of a record 465 OSVs scheduled to be delivered in 2017 according to VesselsValue.

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