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POSH suffers $13.1m loss in first half

POSH suffers $13.1m loss in first half
Offshore marine services provider PACC Offshore Services Holdings (POSH) has been hit by a $13.08m loss in the first half ended 30 June 2016.

The first half loss compared to a profit of $6.13m in the previous corresponding period.

POSH also recorded a six-month revenue of $104.81m, a plunge of 19% year-on-year, due mainly to lower charter rates and utilisation from most of its business segments.

Amid reduced capital expenditure in the global offshore oil and gas industry, the downward pressure on POSH’s vessel utilisation and charter rates are expected to have a negative impact on its financial performance for the year.