Singapore’s offshore services provider Emas Offshore has reported a net loss of $3.2 million for the three months ended November 30 2015, (“1QFY2016”). Emas Offshore’s revenue for the quarter was $49.8 million.
The company said the result was a consequence of the challenging operating conditions underpinned by a volatile oil price environment, leading to softer demand for its offshore support vesels. During the quarter, average utilisation for the offshore support vessels was at 67%.
The revenue of $49.8 million for the first quarter of the fiscal year 2016 was 32% lower from the corresponding period a year ago.
Captain Adarash Kumar, Emas Offshore’s Chief Executive Officer, said: “The global situation in the oil and gas industry continues to obscure certainty on where oil prices will land and, like all other offshore services players in the industry, we have been impacted in this current down-cycle. Notwithstanding strong industry headwinds, my team and I are working relentlessly to keep our vessels utilised in our existing as well as regions with resilient demand e.g. West Africa.”