Managing costs helping Pacific Radiance ride out downturnCompany News // August 14, 2015
Improved deployment of its offshore support vessels and ongoing cost management measures saw Pacific Radiance Ltd report PATMI (net attributable profit) of US$3.8 million for the quarter ended 30 June 2015.
The company said that, after a slow first quarter, with new OSVs joining its fleet, the group secured new charters despite tough operating conditions in the oil and gas sector. This drove revenue from the company's offshore support services arm to US$32.7 million in the second quarter, just a touch below the US$33.8 million achieved in the same quarter last year, but better than the US$28.7 million achieved in the first quarter of 2015.
The performance of the company's subsea services division remained weak in the period under review, which was due largely to low levels of utilisation of its fleet.
Mr Pang Yoke Min, Executive Chairman of Pacific Radiance, said: “Moving forward, we expect to intensify our ongoing efforts to manage our revenue and costs in a lower oil price environment. We are confident of navigating through these trying times."