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.

Havila Shipping is winding-up up a joint venture with PACC Offshore Services Holdings (Posh) and selling its fleet.

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.

Malaysian offshore supply vessel (OSV) group Icon Offshore saw 2016 net losses narrow to MYR152.7m ($34.4m) from MYR364.1m in the previous corresponding period.

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.

Farstad Shipping has inked a series of offshore vessel contracts including for including for units currently in lay-up.

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.

Malaysia’s Sealink International has been hit by a deeper loss in 2016 as the group took on impairment charges as a result of the sluggish 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.

Singapore’s ASL Marine saw its profit fell for its first half of financial year 2017 ended 31 December 2016, amid the sluggish offshore shipbuilding segment and its implementation of a financial restructuring plan.

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