Pacific Radiance, a provider of integrated offshore marine support services, has reported loss of $8.5 million for the three-month period ended June 30, 2017.
This result compares with quarterly loss of some $62.8 million in the corresponding period in 2016. Result for the first half of 2017 was negative $23.7 million over $69.7 million in 1H 2016. Narrowed loss was mayinly due to improved performances in subsea division and contribution from the shipyard.
Pacific Radiance reported positive EBITDA of $4.3 million in the second-quarter 2017 and $1.6 million in first half of 2017.
The Singapore-listed company generated revenue of $17.5 million versus $20 million same time last year. According to Pacific Radiance, drop in revenue was mainly due to lower vessel utilisation and charter rates in the offshore support services segment. First-half revenues were down some 18 percent at $31.4 million. Sequentially, revenue increased from $14 million.
“Although there has been a pick-up in activity in the offshore market, operating conditions are expected to remain challenging over the next 12 months. Thus, the Group has taken
additional measures to rein in costs, which include further right-sizing of our fleet and reduction of overheads, even as we press on with our marketing efforts.”
In line with its goal to build a sustainable business for the long term, Pacific Radiance has ‘warm stacked’ several of its vessels, and the cost savings from this move are expected to flow through from 3QFY17,” said Pang Yoke Min, the executive chairman of Pacific Radiance.
Subsea World News Staff