Singapore’s Viking Offshore & Marine (Viking O&M) has seen its 2015 results swung into the red due mainly to an impairment charge and higher finance cost.

Viking O&M reported a full year loss of SGD9.37m ($6.66m) as against a profit of SGD1m in 2014, hit by impairment charge taken against goodwill and an almost SGD3m increase in finance cost to SGD3.53m.

Revenue for the year, however, rose by 7% year-on-year to SGD84.54m due chiefly to contributions from the asset chartering business.

Viking O&M said the group’s results were delivered under difficult business conditions given the depressed oil prices in the last 18 months, causing oil companies to curtail their future capital expenditure plans and delay existing projects.

“The offshore and marine industry is expected to remain challenging with the continued oil price volatility and uncertain climate. The group had experienced delays to existing projects and limited new projects, a trend which is expected to continue,” the company commented.

Viking O&M said it will continue to diversify its customer base towards non-oil and gas and onshore requirements, and also be on the lookout for attractive assets and chartering opportunities which may surface during this period, especially in emerging and newer markets.