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Viking Offshore and Marine in the red with Q1 net loss of S$2.1m

VIKING Offshore and Marine logged a first-quarter net loss of S$2.1 million, from a net loss of S$2.8 million in the same period a year earlier.

Revenue for the three months ended March 31 slid 24 per cent to S$7.3 million, due to lower revenue recognised for chartering services. Revenue in the offshore and marine services segment as well as systems engineering projects remained at similar levels to previous years.

Loss per share for the quarter was 19 Singapore cents, from 33 Singapore cents a year earlier.

Net asset value per share was six Singapore cents as at Mar 31, the same as on Dec 31, 2017.

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The company said the industry is showing signs of gradual recovery on the back of gradually rising oil prices. The group has seen an increase in customer enquiries and tender invitations in 2018.

The company said cash and liquidity remains a priority and it will continue to exercise spending discipline, aggressive receivables collection and cash conservation.

In addition, an arbitration process against a charterer of land rigs in China has concluded in favour of the company.