The weaker performance was attributed to reduced chartered days and lower daily rates for both the group’s own and third-party vessels, amid subdued offshore activity and uncertainty in the local oil and gas sector. Utilisation rates for the quarter fell to 81.4% from 99.2% a year earlier, while year-to-date utilisation stood at 67.5% versus 88.4% in 2024, affected partly by higher maintenance and dry-docking requirements.