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Group revenue improved from $5.0 million in
2017 to $32.7 million in 2018 mainly due to the
deployment of the liftboat in second quarter of
2018 and the impact from the acquisition and
consolidation of 54.98% equity interest in CHO
(for $47.1 million). The acquisition was settled
fully in cash, with the Group recording a bargain
purchase gain of $24.7 million, which resulted in
the Group turning round to a net profit of $14.3
million for the year.
The Group’s cash position now stands at $28.9
million as at 31 December 2018, or 14.3 cents
per share.
Uncertainties andweak sentiment weighed on the
oil and gas industry in 2016. Revenue decreased
60% to $21.5million. With the persistent weakness
in the industry, the Group recorded an impairment
loss of $7.6 million on the goodwill in a subsidiary.
As a result, the Group reported a net loss of $8.3
million for the year.
In May 2016, the Group completed a share
consolidation exercise during which every five
existing issued ordinary shares in the capital
of the Company were consolidated into one
ordinary share.
Revenue decreased by 77% to $5.0 million, due
to the continued weakness in the oil and gas
industry. Coupled with a foreign exchange loss
of $4.0 million arising from the weakening of
the US dollar against the Singapore dollar, the
Group’s net loss for 2017 widened to $10.7million.
The construction of the liftboat was completed
and the Group secured a time charter for this
liftboat, deployed in second quarter of 2018 in
Southeast Asia to support rejuvenation works for
oil and gas platforms for a national oil company.
With oil prices declining since the second half of
2014, demand has taken a substantial hit causing
revenue to decline by 37% to $54.1 million.
Correspondingly, pre-tax profit also reduced by
32% to $11.1 million for 2015.
In 2014, the Group witnessed its revenue
increasing 4% year-on-year. The Group’s pre-
tax profit of $16.3 million for 2014 was a slight
decline compared to the pre-tax profit (excluding
investment gain) of $17.8million recorded for 2013.
With higher administrative expenses due to new
operating subsidiaries, the Group incurred an
additional administrative expense of $3.2 million
in 2014. However, this increase was offset by
higher exchange gain and lower taxation charge
for the year.
2018
2016
2017
2015
2014
17
A N N U A L R E P O R T
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