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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dynasafe Promotes Chas Reid

Dynasafe BACTEC Limited has appointed Chas Reid to International Marine Services Director.   Kevin Kneebone MD, Dynasafe BACTEC said, “Chas has over the last

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

Offshore

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

JFD Wins Lifeboat Design Contract for Flash Tekk

JFD, part of James Fisher and Sons plc, announced that it has won a contract with Singaporean company Flash Tekk Engineering for the design and manufacture of up

Wärtsilä's' BWMS for New Crane Ship Design

A new crane ship designed by Netherlands based Royal IHC, a global leader in offshore, dredging and mining vessels, will feature the Wärtsilä Aquarius UV Ballast Water Management System (BWMS).

Finance

Obama’s Budget ‘Grossly Imbalanced’ For US Ports -AAPA

Landside freight transportation funds would increase; navigation, port security and emission reduction funds would drop    The American Association of Port Authorities

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

AIWA Highlights Investment Needs on the Nation’s Marine Highways

Nowhere is that more important than on the Atlantic Intracoastal Waterway. As 2016 begins, we at the Atlantic Intracoastal Waterway Association (AIWA) are looking

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators
rss | archive | history | articles | privacy | 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: 0.1859 sec (5 req/sec)