SGX : PACC Offshore sinks into full-year net losses of US$131 million

Market Updates :

  • SINGAPORE (Feb 19): PACC Offshore Services Holdings, the offshore support vessel operator, reported net losses of US$131 million ($184 million) for FY2015, compared with the earnings of US$53.2 million recorded in FY2014 on higher expenses and goodwill impairment.
  • Group revenue rose 20% to US$280.8 million, with the increased contribution from the offshore accommodation business segment which more than doubled to US$93.2 million.
  • The OSV segment reported a 2% decline to US$136.2 million and the transportation and installation segment recorded a 34% decline to US$27.3 million.
  • The group also recorded other expenses of US$135.6 million during the full year period, which comprised an impairment of goodwill of US$127 million and fixed assets of US$21.4 million. In comparison, the group reported other income of US$58 million in FY2014, largely from the gain on disposal of vessels.

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