Vallianz Holdings has reported a 43% decline in third quarter net profit after the company was forced to take an impairment of $5.9m.

Net income for the last three months of 2017 was $1.74m versus the $3.05m seen in the corresponding period last year.

The Singapore-listed OSV operator said the impairment related to a bad debt written-off under its 49%-owned subsidiary in Mexico, Vallianz Marine Mexico which it said was “long overdue”.