The offshore vessel operator said net profit for the quarter ended 31 December 2014 was down 19% to $5.44m.
Revenue came in 4.2% lower at $8.8m, but the company reported a 26% year-on-year decline in costs to just over $1.2m.
CH Offshore attributed the decline in revenue to lower fleet utilisation as one vessel was off-hire during the quarter for dry-docking.
“The current OSV market continues to be challenging and highly competitive due to the sharp decline in global oil price in recent months.
