Weaker revenue and a series of impairments combined to push Pacific Radiance to a fourth quarter loss of $33.8m.
The Singapore-listed offshore vessel operator saw revenue decline 44% to $12.1m, while operating costs increased 6% to $26.6m.
The decrease was mainly attributable to a 48% decline in revenue at its offshore support services business from $17.7m to $9.2m.
Pacific Radiance added that this was mainly due to lower utilization and lower charter rates as a result of the softer market conditions.
The
