CH Offshore reported a net loss of $990,000 for the full year ended December 31, 2025. This figure compares with a profit of $1.32 million recorded during the previous year, according to the company.
Annual revenue decreased by 20.6 per cent to $20.83 million. The company attributed the decline to lower vessel utilisation, which dropped from 54 per cent to 47 per cent.
A major factor in the loss was a $1.5 million impairment charge related to one vessel. CH Offshore noted the 8,948-kW vessel remains unavailable for chartering operations during ongoing legal proceedings against a former charterer.
Administrative expenses grew by 7.3 per cent to $4 million over the twelve months. Higher payroll costs and professional fees were the primary drivers of this increase.
The company raised net proceeds of SG$13.89 million ($10.42 million) through a rights issue during the year. It stated that these funds are intended for general working capital or potential vessel enhancements.
Legal counsel has advised that enforcement of the arbitration award for the disputed vessel could take another one to two years. The company stated this delay contributes to the continued lack of revenue from the asset.
Regarding the market outlook, CH Offshore stated that, "Recent escalations in the Middle East have heightened geopolitical uncertainties, and the situation remains fragile," and that volatile oil prices and shifting trade policies could impact the global economy.
Management noted it would continue, "to manage its operations prudently and remain adaptable in navigating the rapidly evolving operating environment." No dividend was recommended for the period as the board of directors cited the need to preserve cash for operations.