The Middle East is the only region to buck the downward trend in offshore supply vessels (OSV) over the last two years, according to IHS Markit analysis.
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.
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.
Kuok Group’s PACC Offshore Services Holdings (POSH) plunged to $371.4m loss for 2016 hit by $310.1m in impairments on assets and goodwill.