In its financial year ended 30 June 2013 report Singapore's CH Offshore had to make a full allowance for doubtful trade receivables of US$43.95 million as the debts had been long overdue and payment from the client was not forthcoming. "The financial year ended 30 June 2013 (“FY13”) marked the 10th year since CH Offshore Ltd (the “Company”) became a public limited company on 28 February 2003. Over the last 10 years, the CH Offshore Group (the “Group”) like all other organisations had to ride through global financial woes and economic downturns.