5m, or a loss of $0.42 per common share, just a few days after it decided to suspend its dividends and share buybacks.
However, the world’s largest owner of offshore support vessels (OSVs) did manage to cut costs quicker than expected, which resulted in it beating the predictions on earnings before interest, tax, depreciation and amortisation (Ebitda).
The $19.5m loss in the latest quarter, which ended 31 December, compares with a net loss of $43.8m
