“OGS has suffered losses arising from the effects of the fall in global oil prices and is unable to pay its debts. In view of the uncertainty the oil and gas industry is facing, the directors of OGS have decided to liquidate OGS,” BH Global said in a statement.
BDO LLP has been appointed as the liquidator of OGS.
OGS was engaged in engineering design, project management and procurement services to the oil and gas industry.
Singapore-listed BH Global said the liquidation of OGS is expected to have a material impact on the group’s earnings for the financial period ended 31 December 2015.
Meanwhile, a writ of summons has been filed against OGS in the High Court of Singapore by Sindex Refrigeration and Sindex Refrigeration (Shanghai) Co, served to OGS’s lawyers on 31 August.
The plaintiffs claim against OGS for the sum of SGD663,811.26 ($466,142) as well as warehousing charges at the rate of SGD3,250 per month, in relation to the engineering, design, fabrication, supply and delivery by the plaintiffs of certain heating, ventilating and air conditioning (HVAC) equipment and associated materials and parts.
BH Global said it has sought legal advice and will be working with the liquidator of OGS to “defend its position vigorously.”
“It is anticipated that the liquidator of OGS may also pursue a counterclaim against the plaintiffs,” the company said.
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