British oilfield services provider Petrofac has unveiled plans to offload its offshore installation vessel JSD6000 and exit the deep-water market.

The company expects to record a post-tax impairment charge of $176m in relation to the vessel.

The development comes at a time when the company posted a 7% increase in business performance net profit, which stood at $343m for the year ending 31 December 2017.

Petrofac group chief executive Ayman Asfari said: “Operational excellence is maintaining our strong competitive position and protecting our differentiated margins.

“Furthermore, we are continuing to reduce capital intensity and enhance returns, evidenced by the disposal of non-core assets and our decision to exit the deep-water market.”

Meanwhile, the company’s revenues from business performance decreased from $7.87bn in 2016 to $6.39bn last year.

“Operational excellence is maintaining our strong competitive position and protecting our differentiated margins.”

Petrofac reported a net loss of $29m as a result of impairments and exceptional items to the sum of $372m.

Last year, the company’s engineering and construction (E&C) division completed the Khazzan central processing facility in Oman.

Meanwhile, the engineering and production services (EPS) secured new contracts and extensions in the range of $1.1bn in the UK, Turkey, Iraq and Kuwait.

In addition, the company reached an agreement in June last year to provide engineering, procurement and construction management (EP+Cm) support services for oil and gas projects on behalf of Petroleum Development Oman (PDO).

Ayman Asfari will resume services as chief executive with immediate effect, following an investigation by UK’s Serious Fraud Office (SFO) in May last year on the grounds of alleged bribery, corruption and money laundering.