SINGAPORE (Oct 31): EMAS Offshore swung into a net loss of US$265.3 million ($369.3 million for FY16 ended August compared to earnings of US$199.5 million a year ago.
For the full year, EMAS Offshore recorded a 32% fall in revenue to US$167.6 million, compared to revenue of US$247.2 million in the year-ago period.
This decline in revenue was the result of continual weakness in the offshore industry leading to markedly lower demand as well as general oversupply in the offshore support vessels (OSV) segment.
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