Net loss for the quarter ended 31 March 2017 ballooned to $15.25m, more than doubled compared to the loss of $6.86m in the same period of 2016.
First quarter revenue fell by 24% year-on-year to $13.97m due mainly to lower utilisation and lower charter rates of vessels from its offshore support services business.
Despite the sluggish market, the company is seeing a gradual improvement in utilisation as several vessels have secured new charters which commenced at end-March or early-April, according to Pang Yoke Min, executive chairman of Pacific Radiance.
“The longer term outlook for the oil and gas sector has turned for the better. The expected rise in E&P spending this year will have a lag effect, and the next 12 months remain challenging,” Pang commented.
He added that the company will continue to work at “improving our liquidity position by rightsizing our fleet, reining in costs and pressing on with marketing efforts in targeted regions.”
Pacific Radiance operates a fleet of more than 130 offshore vessels across Asia and other emerging markets namely Latin America.
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