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Marco Polo widens net loss to S$312.69m; to wrap debt revamp soon

MARCO Polo Marine, on posting a full-year net loss of S$312.69 million after Wednesday's trading close, said that it expects to wrap up the last leg of the group's debt restructuring exercise early next year.

Full-year net loss for the offshore support vessel group has widened from S$16.94 million for FY2016, mainly due to an increase in other operating expenses to S$253.08 million for FY2017 compared with S$10 million for the previous financial year.

Loss per share for FY2017 was 92.91 Singapore cents compared with five Singapore cents for FY2016.

The group's full-year revenue also decreased by 18 per cent to S$38.64 million.

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Marco Polo said that its Batam-based subsidiary secured approval from the Indonesian court on Dec 18 for its restructuring proposal under the PKPU (Penundaan Kewajiban Pembayaran Utang) regime.

It added that the last step towards the completion of the debt restructuring exercise relates to the restructuring of its Indonesia-based OSV operating subsidiary, PT BBR. This is expected to be concluded in early 2018.