PACC Offshore Services (POSH) has turned red in the third quarter and is bracing investors for an impairment charge in the following months.
The Singaporean company booked a net loss of $12.9m, compared to earnings of $12.6m a year earlier.
Its red bottom line came on the back of squeezed revenue, which was halved from $80.4m to $41.6m.
Gerald Seow, chief executive of POSH, said: “Our financial performance in the third quarter reflected the continued challenges facing our industry.
“We
