CH Offshore, thee Singapore-listed offshore vessel operator, has posted a full-year loss of $40m after a one-time vessel impairment charge of $36.2m.
The situation was compounded by a 34% year-on-year decline in revenue to $16.4m due to lower vessel charter rates and utilization.
A reduction in costs provided some respite declining 18% to $4.9m as CH Offshore’s vessel utilization rate for the year averaged 76%.
