CH Offshore in 2013 Year-End Financial Doldrums

MarineLink.com
Thursday, February 06, 2014
Image courtesy of CH Offshore

In their financial statement for the first half ended 31, December 2013, Asia-Pacific offshore AHTS/OSV owners CH Offshore recorded profit after income tax of US$14.099-million, which was 26.8% lower than the profit after income tax of US$19.25 million for the previous corresponding first half ended 31 December 2012 . The following information is extracted from the financial report.

Financial Position
As at 31 December 2013, the financial position of the Group remained healthy. Both total shareholders' funds and net assets value("NAV") have risen by 2.55% to US$231.756 million from US$225.99 million and to 32.87 US cents from 32.05 US cents respectively. The sound financial position continued to be supported by a good operating performance which resulted in surplus cash from operations of US$12.969 million. Besides, the Group has no bank borrowings as at 31 December 2013.

Investment in associated companies rose 11.6% to US$32.898 million from US$29.483 million as at 30 June 2013 due to good operating performance which was equity-accounted for. Other receivables and prepayments decreased 31.2% to US$0.697 million from US$1.013 million primarily due to a decrease in bunker purchased.

Commentary

Further to the Company's announcement on 11 October 2013 on Litigation against PDV Marina S.A.("PDVMarina") and Astilleros De Venezuela C.A. ("Astivenca"), the Board of Directors wishes to inform that the Company was able to effect service of proceedings on PDV Marina and Astivenca. PDV Marina and Astivenca have filed their Defences. The Company will take appropriate action accordingly.

The Company will make further appropriate announcements as and when there are material developments in the matter. They add that save as disclosed herein, there are no known factors or events which may affect the Group in the next reporting period and the next 12 months.

About CHO
Currently, CHO operates a fleet of 15, 9 of which are wholly-owned AHTS vessels with an average age of 6 years old as of June 2013. The sale of four AHTS to PT NUS allows it to co-own and continue its chartering activities in Indonesia. It also co-owns 2 AHTS with Scomi Marine Berhad, enabling the Group to operate in Malaysia. The fleet includes 7 AHTS vessels of 12,240 brake horse power (bhp).
 

 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Offshore

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

Damen, Palfinger Upgrade North Sea Jack-Up Rig

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea,

Vietnam Warship Visits Underscore Regional Tension

Vietnam on Tuesday showed off its two most powerful warships in the first-ever port call to the Philippines but an official said it was not trying to challenge

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4109 sec (2 req/sec)