. 112
NOTESTOTHE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017
BAKER
TECHNOLOGY
L IMI TED
THE BE ST
I N US
12.
INVESTMENT INSUBSIDIARIES
Company
2017
2016
$’000
$’000
Shares, at cost
30,000
30,000
Impairment loss
(7,200)
(7,200)
22,800
22,800
Impairment testingof investment in subsidiary
In 2016, management has performed impairment assessment on Sea Deep Shipyard Pte. Ltd. which has
experienced a significant decline in profits in view of the current uncertainties on the oil and gas industry.
Based on assessment of the subsidiary’s historical and current performances, the estimated values and
probabilityof futurecash flows,management hasmade an impairment loss of $7,200,000.
The subsidiaries for the financial year ended31December are:
Subsidiaries
(Countryof incorporation)
Principal activities
(Placeof business)
Percentageof equity
heldby theGroup
2017
2016
%
%
(1)
SeaDeep ShipyardPte. Ltd.
(Singapore)
Manufacturer andprovider of specialised
marineoffshoreequipment and services
for theoil andgas industry (Singapore)
100
100
(1)
Baker EngineeringPte. Ltd.
(Singapore)
Design and fabricationof offshore and
marineequipment (Singapore)
100
100
(1)
BT Investment Pte. Ltd.
(Singapore)
Investment holding (Singapore)
100
100
Held through SeaDeep ShipyardPte. Ltd.:
(1)
Interseas Shipping (Private)
Limited (Singapore)
Manufacturer andprovider of specialised
marineoffshoreequipment and services
for theoil andgas industry (Singapore)
100
100
Held throughBaker EngineeringPte. Ltd.:
(1)
BELDesignPte. Ltd.
(Singapore)
Design andengineeringof offshore
andmarine vessels andequipment
(Singapore)
100
100
