Bli medlem
Bli medlem

Du är här

2016-04-14

EMAS Offshore Limited: EMAS OFFSHORE REPORTS NET LOSS IN 2QFY2016

· Results were impacted by impairments and write-downs in asset
values

· Continual reduction of cost and improvement in operational
efficiency to weather headwinds in the oil and gas market

EMAS Offshore Limited ("EMAS Offshore" or the "Group"), reported a net
loss of US$140.5 million on revenue of US$30.5 million for the three
months ended 29 February 2016. The Group's performance for the period
under review continued to be affected by the challenging operating
conditions in the offshore oil and gas sector.

Gross loss for the quarter was US$15.4 million, as compared to gross
profit of US$10.5 million in the corresponding quarter last year,
mainly due to subdued demand within the anchor handling, towing and
supply, anchor handling tug, as well as shallow water platform
support vessels markets.

The Group also undertook impairments on its vessels, of US$51.4
million, as well as EOL's investment in joint ventures, of US$38.3
million, in 2QFY2016 which are vessel-related. During the quarter,
cost of sales fell by 9% year-on-year, in line with the cost
rationalisation initiatives.

In the Offshore Support and Accommodation Services division,
utilisation rate was 51% during the quarter while overall utilisation
for 1HFY2016 stood at 59%, on a blended basis. In the Offshore
Production Services division, the two floating production, storage
and offloading vessels continued to perform well, with operational
uptime of close to 100%.

Captain Adarash Kumar, EMAS Offshore's Chief Executive Officer, said:
"As the oil and gas industry continues to face headwinds, we
recognise that near- and mid-term pressures may further impact our
financial performance. To tide over difficult times, we continue to
reduce costs, improve operational efficiency and increase focus on
vessel utilisation. Coupled with our efforts to strengthen the
balance sheet, we believe these strategies will help us weather the
general weakness in the market."

"While the market environment is still extremely competitive in terms
of pricing and utilisation, we believe our established position in
Asia Pacific region and local presence with offices in West Africa
will put us in good stead to compete effectively and secure new
contracts" said Captain Kumar.

ABOUT THE COMPANY

www.emasoffshore.com

Oslo Børs listing: October 2007 ; SGX Mainboard listing: October 2014

EMAS Offshore Limited (EMAS Offshore or the Company) is an established
offshore services provider offering offshore support, accommodation,
construction and production services to customers in the oil and gas
industry throughout the oilfield lifecycle, spanning exploration,
development, production and decommissioning stages. Headquartered in
Singapore, EMAS Offshore holds a leading market position in the Asia
Pacific region, with global operations across Latin America, Africa
and Australia.

Business activities are carried out by two business segments, namely:
(1) the Offshore Support and Accommodation Services division and (2)
the Offshore Production Services division.

EMAS Offshore's excellent operational and HSE (health, safety and
environment) track record has allowed the Company to establish strong
working relationships with leading international oil majors, national
oil companies and various independent operators.

FOR FURTHER ENQUIRIES

Mr. Hsu Chong Pin

EMAS Offshore Limited
65 6800 1202
investor_relations@emasoffshore-cnp.com

-----------------------------------------------------------
http://news.cision.com/emas-offshore-limited/r/emas-offshore-reports-net...
http://mb.cision.com/Public/738/9955778/8e3f47164e9f9900.pdf

Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.