MMA Offshore reports large loss for yearCompany News // August 29, 2017
MMA Offshore in Australia has reported a significant loss for the year to 30 June 2017.
During the 2017 financial year, MMA completed a major restructuring of its business, disposing of its Dampier and Broome Supply Bases and its Slipway assets to focus on its core offshore vessels business.
The Supply Bases and Slipway have been classified as 'Discontinued Operations' in the financial report with the ongoing vessel operations classified as 'Continuing Operations.'
MMA reported a loss for the year of $378.0 million after booking a non-cash impairment charge of $312.2 million against the carrying value of the company’s vessel, supply base and slipway businesses.
Excluding the impact of the impairment charge, the company recorded a loss for the year of $65.8 million and a loss for the year from continuing operations of $66.7 million, reflecting the ongoing challenging market conditions being experienced in the offshore vessel industry.
EBITDA for continuing and discontinuing operations was $21.7 million, in line with market guidance.