PACC Offshore slashes Q1 losses

PACC Offshore Services Holdings (POSH) narrowed its losses in the first quarter of FY18 to US$7.19 million from US$18.57 million a year ago. (see amendment note)

This came as revenue more than doubled to US$70.56 million on the back of higher utilisation from its offshore supply vessels, offshore accommodation and transportation and installation segments.

Loss per share for the quarter worked out to 0.397 US cent versus 1.024 US cent previously.

POSH said: "In the immediate term, charter rates are expected to remain under pressure due to the continued oversupply of vessels. However, there are positive indicators in the market, with oil and gas capital expenditure expected to increase on firmer oil prices and improved financial performance of oil companies."

Amendment note: In an earlier version of the story, we said that PACC Offshore Services Holdings (POSH) narrowed its losses in the first quarter of FY18 to US$7.18 million. It should actually be US$7.19 million. We are sorry for the error.