POSH in profit warning

Image source: POSH
Image source: POSH

PACC Offshore Services, a Singapore-based provider of offshore support vessels, has issued a profit warning for the fourth quarter and full year 2015. The company, also known as POSH, has said that it expects to record a loss for the year.

In a statement on Tuesday, POSH said low crude oil prices have had an adverse impact on the global offshore marine industry.

The company, which owns a fleet of 120 offshore support vessels, further said that as a result of the challenging market condition, and the uncertainty when the offshore marine industry will recover, the Group carried out a preliminary assessment of the goodwill arising from the acquisition of PSA Marine’s offshore business in 2007.

“Pursuant to the said review, the group is of the view that an impairment for part of the goodwill value has to be made, while the value of the goodwill to be impaired is yet to be determined, it is expected that this will have a significant adverse impact on the financial results of the Group, for 4Q2015 and FY2015, such that it will likely be a loss for the year,” POSH said, adding that there may also be impairment in the company’s investment in certain subsidiaries.

POSH last month reported a third quarter revenue increase of 20% at $80.4 million, citing a “strong growth” in the Offshore Accommodation (“OA”) business division.  The group’s net profit fell to $12.6 million, down from $14.6 million in the previous year. POSH said profit was down due to a smaller, $800.000 one-off gain from the sale of vessels during the period, compared to a $11.6 million gain in the same period of 2014.

Offshore Energy Today Staff

 

Share this article

Follow Offshore Energy Today

Posted on December 15, 2015 with tags .

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply