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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Petty Officer Convicted, Sentenced

A Coast Guardsman was convicted and sentenced during a General Court-Martial in New Orleans, Thursday. Petty Officer 2nd Class Leonel Hinojosa, 32, was sentenced to reduction to E-1,

Caterpillar to Stay in Peoria

After a multiyear study focused on modernizing its global headquarters, Caterpillar Inc. today reaffirmed it will remain in Peoria, Illinois, and revealed a

Hapag-Lloyd Warn About Verification by German Customs

Hapag-Lloyd has informed that for all import cargo to be discharged at the German ports of Hamburg and Bremerhaven the carrier is responsible to send a complete

Offshore

ST Engineering Makes Management Changes

Singapore Technologies Engineering Ltd today announced that Mr Ravinder Singh will replace Mr Sew Chee Jhuen as President of Singapore Technologies Kinetics Ltd (ST Kinetics).

Maersk Oil Hires Ampelmann Gangway System

After having performed a walk to work (W2W) campaign in the summer of 2014, Motion Compensation Gangways (MCG) developer Ampelmann has again been awarded a contract

Lamprell Delivers Jackup Rig to Greatship

Lamprell announced it has completed construction on jackup drilling rig Greatdrill Chaaru, delivering the rig to Greatship Global Energy Services Pte. Ltd.    Greatdrill

Finance

Wärtsilä, Clean Marine Energy Offer "Scrubber Finance"

Wärtsilä and Clean Marine Energy (Europe) Ltd (CME) today announced the landmark signing of the shipping industry's first collaboration agreement that will provide

Scandlines Concludes Sale of Freight Routes

First State Investments is taking over the ferry route Helsingør-Helsingborg including the five vessels operating the line. The contract with First State Investments

EC Okays Maritime Fisheries fund

European Commission has approved Malta’s Operational Program European Maritime Fisheries Fund (EMFF) for the 2014-2020 financial periods, announced Parliamentary

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.4869 sec (2 req/sec)