An unprecedented reduction in oil services demand has dragged Grupo TMM to a wider loss in the second quarter.

The Mexican offshore vessel and tanker owner saw red ink of MXN 142.1m ($7.8m), compared to MXN 137m a year ago.

Grupo TMM reported a quarterly revenue of MXN 662.6m, down from MXN 836.4m in the same stage of 2015.

Jose Serrano, chairman of Grupo TMM, said: “The drop in oil prices generated an unprecedented reduction in the demand for oil services around the world, as well as in all offshore vessels in Mexico.”

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