China’s offshore module specialist Bomesc Offshore Engineering saw a downturn in net profits in 2023, plunging into negative territory due to various factors, notably escalating labour costs in China.

In an official statement, the company disclosed that the net loss attributable to owners for 2023 is expected to be between 85 million yuan ($11 million) and 60 million yuan.

This represents a significant decline from the previous year’s net profit of between 125 million and 150 million yuan — a decrease of 232% to 193%.