Cosco Ends FY15 in the Red
COSCO Corporation (Singapore) Limited has posted net losses of S$570 million for FY2015, compared with the earnings of S$20.9 million in FY2014. The company is hurt by writedown of inventory and possible non-payment by some of its customers. Revenue declined 17% to S$3.5 billion for the fiscal year to December, on the back of lower revenue from marine engineering in the shipyard business, and lower charter rates in the shipping business. Fourth quarter revenue fell 21 per cent to S$725.5 million while full-year revenue fell 17 per cent to S$3.5 billion. The Singapore-listed Chinese shipyard said the global offshore market continued to slow down significantly with no signs of improvement, due to the weak global economy and depressed oil prices.
New Offshore Equipment Contracts for Maritime Pusnes
The Aker Kvaerner subsidiary, Maritime Pusnes, has had a busy start to the new year winning contracts for over NOK 180 million. The contracts involve both marine and offshore equipment demonstrating MP's strength in both these market sectors. Two contracts to supply mooring and riser pull-in equipment for a Floating Production, Storage and Offloading (FPSO) vessel that will be located off the coast of Angola. The mooring equipment consists of 12 underwater (hull-mounted) fairleads for 146 mm chain. Two large linear wire winches will be supplied to pull in and tension the mooring lines. In addition, 12 deck-mounted chain stoppers and overboard fairleads will be produced.
