Asset impairments drive Vallianz into US$173m loss

Singapore

SUBSTANTIAL impairments on its assets compelled by a slowdown in the offshore oil and gas space led Vallianz Holdings to slip into the red for the three months ended March with a net loss of US$173.2 million from a profit of US$4.9 million a year ago.

The net loss arose from the recognition of exceptional expenses of US$212.9 million for the fifth quarter ended March (it had changed its financial year from end December to end March).

The offshore support vessels provider saw a 21.5 per cent drop in revenue to US$38.7 million mainly because it had completed various one-time…