Icon Offshore profit drops 86%

Malaysia-listed offshore services provider Icon Offshore posted a profit of MYR2.7 million (USD700,000), down 86% year on year (y/y) for the first quarter ended 31 March 2015 because of lower vessel utilisation.
Revenue dropped by MYR16.5 million or 20.5% to MYR63.6 million in the first quarter of

Bearish outlook for Precious Shipping

CIMB Securities is urging investors to be cautious when buying stocks of Thai bulker owner Precious Shipping, anticipating higher losses all the way to 2017.
Precious Shipping had a net loss of THB335.69 million (USD10 million) in its first-quarter 2015 results. This contrasts sharply with a net

IEV units secure five subsea contracts

Singapore-listed offshore oilfield service provider IEV Holdings said on 27 May that its subsidiaries, IEV International and IEV Malaysia, have collectively secured five new contracts to provide subsea solutions.
The contracts, worth USD2.2 million, involve structural pile grouting and free-span

COSCO delays delivery for two PSVs

Singapore-listed shipbuilder, COSCO Corporation Singapore (COSCO) has delayed the delivery dates of two platform supply vessels (PSVs) after reaching mutual agreement with its buyers.
COSCO did not give any reasons for the delay, according to its filing in Singapore Exchange (SGX), but speculation