Siem Offshore Inc. Reports Impairment Charges for the Fourth Quarter Ended December 31, 2018; Provides Earnings Guidance for the Year 2019
The company has made a preliminary analysis of the non-cancellable operating lease commitments at 1 January 2019 and expects to recognize right-of-use assets in the range of USD 5 million USD 10 million on 1 January 2019 and lease liabilities in the range of USD 5 million USD 10 million (after adjustments for prepayments and accrued lease payments recognized as at 31 December 2018). The company expects that net profit after tax will decrease by less than USD 1 million for 2019 as a result of adopting the new rules.