Restructuring Havila Shipping has logged a bigger loss for the first quarter of the year than it did in the same period of 2018, as financial costs rose.
The Oslo-listed offshore support vessel player said the net deficit was NOK 91.97m ($10.51m), up from NOK 80.45m.
Operating profits
However, operating profit rose to NOK 34.3m, against NOK 18.1m.
Revenue grew to NOK 148.5m, up from NOK 124.7m.
Depreciation took a big chunk out of the bottom line.
The group has 23 vessels in operation, including six for third-party owners.
Three anchor-handlers were laid up at the end of March.
Fleet utilisation was 79%, excluding stacked ships.
Last month, the company revealed a new round of negotiations with its lenders at the same time as it faced the prospect of selling off a dozen vessels.
Oslo-listed Havila completed a first restructuring in 2016 after the oil crash, but chief executive Njal Saevik said a second round was always on the cards.
