EMAS Offshore has seen deep red in the fourth quarter which resulted in a big loss for the full financial year.
Due to the continued offshore downturn, the company posted a quarterly loss of $98.5m, compared to a profit of $36.3m in the same period of 2015.
For the full financial year, EMAS logged a loss of $265.3m against earnings of $199.6m a year earlier.
Captain Adarash Kumar, chief executive of EMAS, said: “The market continues to paint an extremely challenging landscape for the group.
“Amidst this, one bright spot for the group is that we are starting to see signs of stabilisation in utilisation rates though daily charter rates are expected to remain depressed for a considerable period of time.”
EMAS saw its annual revenue stand at $167.6m, versus $247.2 in 2015.
“Looking ahead, we believe that 2017 will continue to be an extremely challenging period for the group,” Kumar added.
“However we remain on track on the initiatives we have implemented to strengthen our financial position and conserve cash.”
