PACC Offshore Services Holding (POSH) posted a 49% year-on-year slide in profit to USD6.1 million for the second quarter of 2015, despite increasing its revenue.
The Singapore-listed offshore services provider’s second-quarter revenue climbed 22% to USD71 million.
POSH’s revenue gain was mainly driven by its offshore accommodation (OA) segment, which took charter fees from the maiden deployment of its 750-pax POSH Xanadu semisubmersible accommodation vessel and 238-pax POSH Endurance light construction vessel.
But the company’s gross profit slumped 18% year on year to USD14.5 million in the second quarter, dragged down by the poor performance of its offshore supply vessels segment, hit by lower charter and utilisation rates as well as higher operating and repair expenses.
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Over the rest of 2015, POSH expects limited oil and gas exploration and greenfield development amid continuing pressure on rates due to the high availability of vessels.
CEO Gerald Seow said the company needs to further penetrate key markets such as the Middle East so it can capitalise on the oil and gas sector’s eventual recovery.