SIngaporean offshore services provider Kim Heng informed shareholders that based on a preliminary review, the company is expected to record a net loss for the financial year ended December 31, 2025. This position represents a decline compared to the performance reported for the previous year.
The group attributed the anticipated loss to penalties for late delivery and cost overruns associated with a new shipbuilding vessel. It also noted lower-than-anticipated revenue from its newly established geotechnical survey segment which remains in its growth phase.
Reduced charter margins contributed to the decline as several anchor handling tug supply (AHTS) vessels underwent mandatory drydocking and special surveys. These maintenance requirements limited the operational availability of the fleet during the period.
Kim Heng further identified a loss on the disposal of cranes as a factor impacting the final results. It confirmed that the drydocking process is now largely finished and the vessels are fully operational.
The company stated its AHTS fleet is now positioned to, "improve utilisation, strengthen revenue generation". It added that management is currently in the process of finalising its financial results for FY2025
A detailed disclosure of the group's financial performance will be provided when the unaudited results are released on or before February 28.
