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EMAS Offshore sees red in first half

EMAS Offshore sees red in first half
EMAS Offshore saw its first half earnings plunged into the red as the results were impacted by impairments and write-downs in asset values amid the depressing offshore market.

Net loss for the six months ended 29 February 2016 was recorded at $143.69m as against the profit of $158.07m in the previous corresponding period.

EMAS Offshore said it took impairments on its vessels of $51.4m, as well as on investment in joint ventures of $38.3m which are vessel-related.

“As the oil and gas industry continues to face headwinds, we recognise that near- and mid-term pressures may further impact our financial performance,” said Adarash Kumar, ceo of EMAS Offshore.

“To tide over difficult times, we continue to reduce costs, improve operational efficiency and increase focus on vessel utilisation,” he said.

First half revenue for EMAS Offshore fell by 40% year-on-year to $80.26m.