CH Offshore expects challenging OSV market
Singapore: The offshore supply vessels (OSVs) market is expected to remain “highly challenging” in the near to mid-term, according to Singapore-based CH Offshore.
Global fears of another recession and the weak shipping market have resulted in the Singapore-listed firm reporting poorer results for its first-quarter.
CH Offshore registered first-quarter net profit of $6.4m, down 21.9% from $8.2m in the same period of last year. Revenue for the quarter stood at $12.5m compared to $14.4m in the corresponding period of 2010. Due to the implementation of the cabotage regulation in Indonesia, the group sold all three of its vessels operating in Indonesia in order to maintain its chartering activities there, leading to a decrease in revenue. Story from www.seatrade-asia.com.
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"Asia continues to be a driving force in offshore oil and gas - be it through demand, construction of vessels, finance or production. The region will, to a large degree, probably determine the future direction of the sector." Per M. Ristvedt, Managing Partner - Wikborg Rein Singapore
“Offshore craft supporting the oil and gas sector in general will continue to see an increase in employment as energy needs in the region grow. Crew retention and competency will be just one of a number of challenges facing the OSV’s industry." Steven Randall, General Manager, Shipowners Club Singapore branch
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