February 19 - Offshore marine services provider PACC Offshore Services Holding (POSH) posted a 20 percent year-on-year increase in revenue for 2015 at USD280.8 million.
POSH put this increase down in part to a higher contribution from the company's offshore accommodation business.
Gross profit edged up by 1 percent year-on-year due to higher revenues from the offshore accommodation business, which POSH says offset lower charter rates and utilisation for the company's offshore supply vessels and transport and installation divisions.
Revenue for the transportation and installation division declined by 16 percent in the fourth quarter of 2015 to USD6 million, compared with USD7.1 million in 2014. This was mainly due to lower charter rates and vessel utilisation, said POSH.
POSH expects continued pressure on charter rates and utilisation in 2016, with crude oil prices staying at current low levels and resulting in a challenging macroeconomic environment for the global offshore marine industry.
Nevertheless, the group still sees growth opportunities in new markets, such as its recent expansion in the Middle East via a joint venture in Saudi Arabia.