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Swissco slips into the red with $4m loss in H1

Swissco slips into the red with $4m loss in H1
Offshore services firm Swissco Holdings saw its first half results reversed into the red as revenue plummeted.

Net loss for the six months ended 30 June 2016 was reported at $4.05m as against the profit of $35.07m in the same period of 2015.

First half revenue plunged by 73.8% year-on-year to $9.8m due primarily to lower utilisation and charter day rates as a result of the prolonged downturn in the oil and gas industry.

“The group expects oil price to remain weak. The oil and gas industry will continue to be challenging for at least the next 12 months,” Singapore-listed Swissco stated.

“With the depressed market conditions, we are mindful of increasing liquidity pressure for working capital requirements. The group is continuing to work with our financiers to improve the group’s financial position,” it said.