UAE owner Gulf Marine Services (GMS) has posted a loss for 2017 as rates fell.
The self-propelled self-elevating support vessels (SESVs) specialist said the net deficit last year was $18.2m, from a profit of $29.4m in 2016.
Revenue was lower at $112.9m, from $179.4m.
It said the decrease mainly reflected the reduction in the core SESV fleet utilisation to 61% from 70% in 2016, and overall lower charter day rates during the year.
