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

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