Malaysia’s Nam Cheong is proceeding to dispose of its corporate office property in Singapore so as to pay off an outstanding amount for the mortgage, in light of the company’s ongoing discussions on a proposed debt restructuring.
The business of Asia Offshore Drilling (AOD), majority owned by Seadrill, is at this at stage excluded from Seadrill’s Chapter 11 filing and AOD will continue operations as per normal.
Bertram Rickmers and Zeaborn Group have come together to save the shipmanagement part of insolvent Rickmers Group and aims to rescue the other parts of the business.
China Shipbuilding Industry Corporation (CSIC) has revealed that the group is poised to enter into a restructuring agreement with an unnamed party by 15 September, a deal that is expected to round up the group’s ongoing consolidation exercise amid the shipbuilding industry downturn.
Baker Technology’s subsidiary and Point Hope have emerged as the ‘white knight’ investors for beleaguered EMAS Offshore Limited (EOL), which will receive a $50m investment from the investors.
Embattled EMAS Offshore Limited (EOL) and two of its wholly-owned subsidiaries have voluntarily filed a restructuring application to the High Court of Singapore, and entered into a binding term sheet with certain potential ‘White Knight’ investors as part of the financial restructuring.
Offshore services provider Marco Polo Marine has provided close to SGD300m ($220m) in impairments and allowances during its third quarter of financial year 2017 on the back of a protracted downturn in the oil and gas sector.
Embattled Nam Cheong has made asset impairments and writedowns of MYR1.88bn ($444m) during the second quarter, sending the OSV builder into a first half loss of MYR2.07bn.