PACC Offshore

PACC Offshore Services Holdings posted third-quarter net loss of US$12.94 million compared to a net profit of US$12.58 million a year ago as market conditions in the offshore marine sector continued to deteriorate. Revenue plunged 48 per cent to US$41.63 million, largely owing to lower utilisation and charter rates across the major business segments.

Given depressed market conditions, the company expects the carrying value of the goodwill arising from the acquisition of PSA Marine's offshore business in 2007 and that of its fleet of vessels to be impaired. The impairment amount will be determined by year-end and will have an adverse impact on the group's results for the Q4 and FY ending December 2016.