Global Offshore falls to bigger loss

Indian owner Global Offshore Services has been hit by falling revenue in the third revenue as its loss grew.

The net deficit to 31 December was INR 379m ($5.62m), against INR 165m in the same period of 2015.

Revenue was cut to INR 275m from INR 846m, while costs were reduced to INR 548m against INR 859m a year ago.

Last week, the company warned cash flow had been “severely affected” due to the reworking of long-term contracts by charterers.

It