Egypt’s Maridive Swings to First-Half Loss

Egypt’s Maridive and Oil Services , the biggest oil services company by fleet size in the Middle East, swung to a net loss of $22.8 million in the first half of 2012, compared with a net profit of $36.2 million in the same period last year.

The company said its offshore support vessel business faced one-off expenses related to preparatory work on a project.

In its offshore construction business, it reported “continuing strong competition … which had an impact on the size and value of contracts.”

Revenue fell to $132.5 million from $204.8 million, it said.

Source: Reuters