SINGAPORE (Dec 14): EMAS Offshore belatedly reported losses in 2Q18 ended Feb narrowed to US$15.98 million ($21.6 million) from US$140.5 million in 2Q17.

Group revenue increased 24% to US$38.0 million from US$30.5 million a year ago.

Cost of sales were down 1% to US$45.3 million from US$45.9 million last year.

This brought the group’s gross loss to $7.31 million, 53% lesser than US$15.4 million recorded in the previous year.

As at Feb 28, the group’s operating cashflow stood at negative US$1.32 million, compared negative US$7.69 million last year.

The group also recorded current liabilities of US$858.3 million and current assets of US$188.7 million.

EMAS Offshore, the embattled offshore support vessel (OSV) arm of Ezra Holdings, is facing several creditor claims and termination of various bareboat charters from owners of five vessels.

The group along with two subsidiaries has also applied to Singapore’s High Court to restructure under a scheme of arrangement.

Shares in EMAS Offshore are suspended from trading.