EMAS Offshore Ltd slumped to a first quarter loss of $2.2m in results released Wednesday morning as it continues to battle the depressed offshore market.
Revenue declined almost 15% year-on-year to $42.5m with the prospect of daily charter rates expected to remain depressed throughout 2017.
“This decline in revenue was the result of continual weakness in the offshore oil and gas industry leading to lower demand for offshore support vessels,” said chief executive Captain Adarash Kumar.
In
