This printed article is located at

Latest Financials

First Quarter Financial Statement Announcement

Financials Archive

Get Adobe Reader Note: Files are in Adobe (PDF) format.
Please download the free Adobe Acrobat Reader to view these documents.

Profit & Loss

Consolidated Statement of Comprehensive Income

Balance Sheet

Review of Performance

Income Statement
1st Quarter 2018 ("Q1 FY18") vs 1st Quarter 2017 ("Q1 FY17") (Restated)

Q1 FY18, the Group registered revenue of US$70.6 million or 104% increase from US$34.6 million in Q1 FY17. This was mainly due to higher utilisation from OSV, OA and T&I segments.


OSV registered 50% increase in revenue to US$21.7 million (Q1 FY17: US$14.4 million) mainly due to the full contribution of 12 vessels deployed to a Middle East national oil company under long-term charters as compared to four vessels in Q1 FY17. Utilisation for the OSV segment, comprising 39 vessels in Q1 FY18 improved to 68% (Q1 FY17: 59%). Correspondingly, the segment's gross loss was significantly lower at US$0.3 million in Q1 FY18 compared to US$4.7 million in Q1 FY17.


OA segment revenue increased by 289% to US$38.9 million (Q1 FY17: US$10.0 million) mainly due to revenue contribution from POSH Arcadia, from Shell Prelude project and POSH Xanadu which started work for Chevron Big Foot tension-leg platform ("TLP") project in early March 2018. Both POSH Arcadia and POSH Xanadu are 750 pax Semi-Submersible Accommodation Vessels. Three out of four Light Construction Vessels ("LCVs") were on charter during the quarter compared with one vessel in Q1 FY17. The segment also took delivery of POSH Mallard, a Multi-purpose Support Vessel ("MPSV") which was deployed in Nov 2017 and contributed for the full quarter in Q1 FY18. The segment has turned around from a gross loss of US$2.7 million in Q1 FY17 to a gross profit of US$9.3 million in Q1 FY18.


T&I segment revenue increased 13% to US$5.0 million (Q1 FY17: US$4.5 million) mainly due to higher utilisation of 53% (Q1 FY17: 33%). While utilisation improved, charter rates remain depressed, and the segment registered a lower gross profit of US$0.4 million (Q1 FY17: US$1.4 million).


HSER revenue decreased by 14% to US$4.9 million (Q1 FY17: US$5.7 million) mainly due to absence of salvage jobs in Q1 FY18.

General & Administrative expenses and Other Income

General and administrative expenses increased by US$2.4 million or 47% to US$7.7 million (Q1 FY17: US$5.2 million) mainly due to higher legal fees and normalisation of personnel expenses from Q1 FY17 which had a reversal of bonus provision for prior year.

Finance costs increased by 43% to US$6.8 million (Q1 FY17: US$4.7 million) due to higher loan balances and higher interest rates in Q1 FY18.

The Group's share of results from joint ventures ("JVs") registered a profit of US$0.6 million in Q1 FY18 as compared to a loss of US$4.8 million in Q1 FY17. This was mainly due to higher vessel utilisation of our JV, POSH Terasea, as five vessels underwent drydocking in Q1 FY17.

The Group recorded a net loss attributable to shareholders of US$7.2 million in Q1 FY18 as compared to net loss of US$18.6 million in Q1 FY17.

Statement of Financial Position

The Group's net asset was US$458.2 million as at 31 March 2018.

The Group has net current liabilities of US$179.3 million mainly due to bank borrowings due within one year.

Statement of Cash Flows

The Group generated net cash from operations of US$12.2 million in Q1 FY18 compared to US$3.2 million net cash used in Q1 FY17. Positive net operating cash flow was due to higher revenue in the current period as well as working capital changes.

Net cash used in investing activities of US$5.7 million in Q1 FY18 (Q1 FY17: US$8.3 million) was mainly due to payment for vessels under construction.

The Group net cash used in financing activities was US$9.4 million in Q1 FY18 as compared to US$8.3 million net cash generated from financing activities in Q1 FY17, mainly for repayment of bank borrowings.


In the immediate term, charter rates are expected to remain under pressure due to the continued oversupply of vessels. However, there are positive indicators in the market, with oil and gas capital expenditure expected to increase on firmer oil prices and improved financial performance of oil companies.

As at Q1 FY2018, the Group has deployed 12 vessels to the Middle East on long-term charters. SSAV POSH Xanadu has started her work for Chevron's Big Foot TLP project while POSH Arcadia continues to work for the Shell Prelude project. The Group has also seen an increase in enquiries for vessels supporting maintenance projects in the past quarter.

The Group will continue to focus on safety excellence, cost competitiveness and maximising its fleet utilisation. To widen our market reach and enhance proximity to our clients, the Group will be setting up offices in Angola and Brunei while continuing to grow its existing offices in the Kingdom of Saudi Arabia and Mexico.

Please read our General Disclaimer & Warning carefully.
Use of this Website constitutes acceptance of the Terms of Website Use.
Copyright © 2018. All Rights Reserved.