News:Asia

Kim Heng Offshore & Marine warns of bigger loss

Singapore-based rig repairer Kim Heng Offshore & Marine has alerted investors of a bigger net loss in 2016 compared to the previous financial year.

The anticipated annual loss was mainly attributed to an impairment in value of Kim Heng’s property, plant and equipment, and lower revenue due to decreased demand for the group’s good and services from all segments as a result of the downturn in the oil and gas industry.

“Notwithstanding this, the group is expected to report a positive net total assets, positive net current assets and a cash and cash equivalent balance of approximately SGD20m ($14m) as at 31 December 2016,” Kim Heng said.

Singapore-listed Kim Heng is expected to announce its results on or before 1 March.

Posted 17 February 2017

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Lee Hong Liang
Asia Correspondent, Seatrade Maritime

FREE WHITEPAPER: The Next Generation of Offshore & Workboats Seafarers

The next wave of seafarers are already being shaped by advances in technology.
With developments in ship autonomy requiring different skill sets, a whole new approach to ship operation and management is needed.

However, with a life at sea holding little appeal for the next generation, is the offshore and workboat sector now in danger of a shortage of motivated and enthusiastic seagoing personnel?

The latest Seatrade Maritime News whitepaper provides you with a comprehensive overview of this growing challenge and examines how a lack of experienced seafarers could reach a critical point in the future.

Download: The Next Generation of Offshore & Workboats Seafarers here.

Adestra header image SOMWME WP 2