Pacific Radiance Trims Loss

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

Share this article

Follow Subsea World News

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Underwater Intervention 2018

UI 2018 will draw the industry’s leaders from across the country and around the globe to gather for 3 days of networking…

read more >

OFFSHORE DECOMMISSIONING CONFERENCE 2017

The conference will build upon previous sell-out events and will encompass numerous keynote sessions all focused on the latest decommissioning…

read more >

Subsea Connect Americas

Subsea Connect Americas is the annual gathering for the submarine communications industry operating in North, South & Central America…

read more >

Future Energy Asia Exhibition & Conference (FEA) 2018

The transformation and development of Thailand is a major priority for the government which creates incredible business opportunities…

read more >