Marco Polo Marine (MPM) just about broke even in the first quarter of its financial year, according to its latest figures.

It reported net income of just SGD 19,000 ($13,500) for the three months ended 31 December 2015 versus a profit of SGD 6.8m a year earlier.

The Singapore-listed OSV operator and shipbuilder said revenue declined 36% to SGD 17m, while operating costs fell by 42% to SGD 12m.

MPM