Sales from the offshore support vessel (OSV) segment revenue increased by 14% to US$19.0 million due to long-term charters to the Middle East and vessels chartered to the Shell Prelude project.
SINGAPORE (Feb 20): PACC Offshore Services Holdings (POSH) continued to be mired in red ink even as 4Q17 net loss narrowed to US$193 million ($254 million) from US$345 million a year ago on lower impairment and loss from joint ventures.
Revenue for the 4Q17 ended Dec rose 71% to $62.7 million mainly due to lower overseas and spot charters for harbour tugs. Gross profit improved by 87% to US$0.8 million.
