MARCO Polo Marine sank deeper into the red for the fourth quarter ended Sept 30, inking a net loss of S$9.43 million from a net loss of S$3.04 million a year ago.
Revenue tanked 42 per cent year on year to S$8.86 million for the quarter, dragged by both ship chartering operations as well as shipbuilding and repair. Share of losses in joint ventures deepened to S$8.14 million from S$974,000 in the year-ago period.
For the full year, the offshore marine company swam into a net loss of S$16.94 million, after marking a net profit of S$8.52 million the year before.
"The group expects the market conditions for the oil and gas industry and hence the offshore industry to remain tough and challenging for the next 12 months," it said. "The group will continue to be prudent in its financial management whilst actively seeking new business opportunities."
It had on Oct 14 secured majority approval from noteholders of the S$50 million fixed rate (5.75 per cent) notes to extend the maturity of the notes by three years from Oct 18, 2016. In return, the restructured debt entails additional interest at 1.5 per cent per annum and grant of a second-ranking mortgage over a 152,750 sq m of land in Batam, Indonesia.