Modus Subsea Services swung to an operating loss in 2021 as a significant customer in Indonesia collapsed into insolvency during the pandemic.
Accounts filed at Companies House show the Darlington-based firm reported an operating loss of £932,000 in the year to the end of March 2021, from an operating profit of £1.2m the year before.
The firm recorded exceptional costs of £1.09m in relation to the fall out from the Indonesian contract, including bad debt and legal and recovery costs associated with getting its equipment back.
