2016
Uncertainties andweak sentiment
continue toweighon theoil and
gas industry in2016. Revenue
decreased60% to$21.5million.
With thepersistentweakness in
the industry, theGroup recorded
an impairment loss of $7.6million
on thegoodwill in a subsidiary.
As a result, theGroup reported a
net loss of $8.3million for the year.
InMay 2016, theGroupcompleted
a shareconsolidationexercise
duringwhichevery fiveexisting
issuedordinary shares in thecapital
of theCompanywereconsolidated
intooneordinary share.
2017
Pressuredby theprotracted
downturn in the sector, revenue
further decreasedby 77% to
$5.0million. Coupledwith a
foreignexchange loss of
$4.0million arising from the
weakeningof USdollars against
the Singaporedollars, theGroup’s
net loss for FY2017widened to
$10.7million. Theconstruction
of the liftboatwas completed
and subsequent to year end, the
Group secured a timecharter for
this liftboat, tobedeployed in
Southeast Asia in the later part
of 2Q2018 to support rejuvenation
works for oil andgas platforms for
anational oil company.
TheGroup’s cashposition
remainedhealthy at $86.6million
or 42.7 cents per share.
. 33
ANNUAL
REPORT
20 1 7
THE BE ST
I N US
