Singapore's PACC Offshore Services Holdings (POSH) has reduced its fourth quarter loss in tough markets.

The shipowner said the net loss to 31 December was $193m from $345m in 2016.

Impairments of fixed assets fell to $108m from $199m, while impairments of goodwill were down to $57m from $111m a year ago.

Revenue rose to $62.7m against $36.66m, mainly driven by its offshore accommodation and supply vessels.