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Marco Polo Marine sees losses deepen in first half

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.

Revenue for the first half of its financial year 2017 ended 31 March came up to SGD24.25m, down 16% compared to SGD28.96m in the same period of 2016.

The reduced revenue was mainly due to lower utilisation and charter rates of the group’s OSVs fleet as a result of the slowdown in the marine and offshore sector, albeit some improvements in the utilisation of its fleet of tugboats and barges.

The loss-making Marco Polo Marine announced earlier that it has engaged with various banks and financial institutions to discuss a proposed refinancing and debt restructuring.

However, the plan has been met with resistance from some lenders and it remains unclear if the company will eventually be able to bridge the gap between the expectations of the lenders and the conditions set by strategic investors as part of the proposed debt restructuring.

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