Otto Marine saw its third quarter results move into the red as revenue dropped amid the offshore downturn.
Net loss in the quarter ended 30 September 2015 was registered at $5.49m, as against the profit of $2.02m in the same period of last year.
Revenue also fell by 35% year-on-year to $62.94m due mainly to decrease in contributions from the shipyard, shipping and chartering, and subsea services.
â€œAmidst the persistent challenging market conditions, the group is focused on sustaining the vessels utilisation by stepping up efforts in improving its orderbook, while also concurrently rationalising its cost structure to remain competitive and relevant in the market,â€ Otto Marine commented.
â€œIt is unlikely that market conditions in the oil and gas sector will improve significantly over the next 12 months,â€ it added.