CH Offshore has kicked off the financial year 2016/2017 with a breakeven result amid historic lows for offshore activity.
The Singapore-listed owner saw its $1.23m profit in the corresponding quarter of last year evaporate in the three months to the end of September.
Its revenue was also down by 7.4% to $5.1m while the operating profit of the company was $0.43m, against $1.2m.
CH Offshore said: “The offshore support industry remains challenging. While the price of oil has improved off a multi-year low reached earlier in the year, offshore activity remains at historic lows.
“The significant capital spending cuts announced by exploration and production companies earlier in the year and in 2015 have resulted in a decrease in offshore activity, which has resulted in a decrease in activity for offshore support vessels.”
