CH Offshore (C13) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 20.6% to US$20.83m as owned-vessel utilization declined; a US$1.50m vessel impairment contributed to a US$0.78m net loss, versus US$1.32m profit in FY2024.

• Before the vessel impairment, FY2025 profit before tax was US$835,000; rights-issue proceeds strengthened cash and the balance sheet.

Financial highlights

• Revenue was US$20.828m, down 20.6% YoY; cost of sales fell 33.5% to US$10.075m as owned-vessel job costs and third-party charter activity declined.

• Gross profit after direct depreciation was US$5.440m, down 11.7%; direct depreciation rose 7.8% to US$5.313m following vessel drydocking.

• Operating loss was US$423,000 versus operating profit of US$1.984m; net loss was US$776,000 versus net income of US$1.317m in FY2024.

• Operating cash flow was US$6.307m, down 18.2%; investing cash outflow was US$4.539m, while financing generated US$9.243m, mainly from the rights issue.

Outlook and guidance

• Priorities are balance-sheet strength, operational flexibility and disciplined capital allocation amid heightened volatility; management aims to pursue opportunities aligned with its capabilities as conditions evolve.

• Potential vessel redeployments from the Middle East may affect regional markets, while softer Malaysian offshore activity and regulatory uncertainty remain considerations.