SINGAPORE, Jan 10, 2017 /PRNewswire/ --
- Challenging market conditions continue to weigh on financial results
- tDaily charter rates expected to remain depressed throughout FY2017
EMAS Offshore Limited ("EMAS Offshore" or the "Group"), announced today a net loss of US$2.2 million for the quarter ended 30 November 2016 ("Q1 FY2017"), on the back of lower revenues.
For Q1FY2017, the Group recorded revenue of US$42.5 million, as compared to revenue of US$49.8 million in corresponding period last year. This decline in revenue was the result of continual weakness in the offshore oil and gas industry leading to lower demand for offshore support vessels.
Captain Adarash Kumar, EMAS Offshore's Chief Executive Officer, said: "The market is expected to remain extremely challenging for the rest of FY2017. Daily charter rates are still expected to remain depressed."
In the Offshore Support and Accommodation Services division, offshore support vessel achieved an utilisation rate of 53% for Q1FY2017. In the Offshore Production Services division, the single FPSO vessel continues to perform well, with an operational uptime of close to 100% for Q1FY2017.
"We continue to maintain focus on our key geographical markets which are Asia Pacific and West Africa. This was reflected in the US$61 million worth of contract awards during Q1FY2017 as announced earlier", Captain Kumar added.
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SOURCE EMAS Offshore Limited