Singapore's PACC Offshore Services Holdings (POSH) has fallen to a loss in the first quarter as revenue plunged.
The shipowner said the net deficit to 31 March was $18.38m, compared to a profit of $4.45m in 2016.
Revenue fell 42% to $34.32 from $58.69m over the same period, mainly due to "continued challenging conditions" across the industry that resulted in lower utilisation and charter rates across most of its business segments, it added.
