Rating stability is also conditioned upon OHSB reducing its debt and/or increasing its equity base in order to reach a ratio of total debt to tangible net worth not exceeding 2.0x (currently 2.5x) by 2012.
OHSB is the holding company of the Offshoreworks Group which participates in the underwater diving, geosurveying, construction and engineering, and ship management and chartering segments of the oilfield services sector.
OHSB recorded a consolidated pre-tax loss of MYR 42.3 million ($13.8 million) for 9M2010 compared to a profit of MYR 40.7 million ($13.2 million) a year ago.