Wintermar Offshore Marine has seen its first quarter losses increase almost three-fold as it grapples with the crisis in the offshore industry.
The Jakarta-listed company lost $3.9m in the January to March period of 2017 against a loss of just $1.4m in the same period a year earlier.
Wintermar’s fleet of 80 vessels saw revenue for the quarter come in 44% lower than a year ago at just over $13m on weaker utilization levels.
