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.
Singapore-listed Ezra Holdings in clarifying on the impact of its investment in troubled joint venture firm EMAS Chiyoda Subsea Limited (ECA) says that it could have to writedown the full amount of $170m.
Teekay Offshore has taken a writedown of $43.7m for its second quarter financials results arising from the termination of its order for two new cylindrical flotels at China’s Cosco shipyard.
FPSO operator BW Offshore has posted a net loss of $216.3m for 2015 after taking a Q4 impairment of $186.9m to write down to zero the net book value of its ‘goodwill’ in the Oil and Gas sector.
The weak oil price environment continues to weigh on Malaysian oil and gas (O&G) players with SapuraKencana Petroleum Bhd (SapKen), seeing third quarter net profit drop 62.7% to MYR129.9m ($30,2m) despite a 19.9% increase in revenue to MYR2.9bn as the group took the lower value of its assets on its books and made provisions.