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Rig Tenders doubles losses to $1.9m

Rig Tenders doubles losses to $1.9m
Indonesian support services firm Rig Tenders Indonesia more than doubled losses last year to $1.9m from $904,304 in 2013 as costs rose, the offshore support vessel charterer said in a stock market report.

Although revenue rose 56 % to $53.2m, the cost of sales jumped 64% to $48.8m. General and financial expenses at the company both rose more than 90%, to $5.9m and $3.5m, respectively.

Rig Tenders is 81%-owned by Scomi Marine Service, and its clients include oil majors active in Indonesia such as Pertamina Hulu Energy, Chevron Indonesia and Total E&P Indonesie.