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PACC Offshore sinks into the red in 1Q

PC Lee
PC Lee5/4/2017 07:08 PM GMT+08  • 1 min read
PACC Offshore sinks into the red in 1Q
SINGAPORE (May 4): PACC Offshore Services Holdings has sunk into the red in 1Q ended March.
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SINGAPORE (May 4): PACC Offshore Services Holdings has sunk into the red in 1Q ended March.

The offshore marine services provider posted a loss of US$18.4 million ($25.7 million) compared to earnings of $4.5 million a year ago.

Revenue declined 42% to US$34.3 million mainly due to continued challenging conditions across the industry that resulted in lower utilisation and charter rates across most of its business segments.

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