EMAS Offshore posts US$2.2m net loss for Q1 2017

EMAS Offshore Limited, a subsidiary of Ezra Holdings and a dual-listed company in Singapore and Norway, on Wednesday posted a net loss of US$2.2 million for the quarter ended Nov 30, 2016 (Q1 2017), on continual weakness in the offshore oil and gas industry.

This compares to a net loss of US$3.2 million a year ago.

For Q1 2017, the offshore services provider saw a 15 per cent year-on-year fall in revenue from US$49.7 million to US$42.5 million, due to lower demand for offshore support vessels.

Loss per share for the quarter stayed flat at 0.01 US cent.

No dividends were declared for the period.

EMAS said: "Offshore oil and gas activities have not increased significantly, and this trend is expected to continue and will have a negative impact on the group's financial performance."