CH Offshore records lower earnings in H1CH Offshore records lower earnings in H1

Net profit in the first half stood at $14.1m, down 26.8% compared to $19.25m in the same period of last year, CH Offshore announced to the Singapore Exchange.

The company's revenue also dropped 37.9% year-on-year to $17.07m during the period. “This was primarily due to lower utilisation and lower charter rates secured for two vessels which commenced their current charters on 1 September 2013 after the completion of their respective compulsory major surveys and upgrading works,” CH Offshore said.

Despite a 76.8% drop in operating costs in the first half, it was not enough to mitigate the lower revenue generated, the company added.