Offshore oil and gas services provider Emas Offshore's third-quarter net profit rose to US$5.2 million (S$7 million), up from US$182,000 previously, supported mainly by "robust contributions" from the offshore production services division, which comprised two floating production, storage and offloading vessels.
Revenue, however, slumped 15 per cent to US$59.2 million, owing to weakness in both the shallow water anchor-handling, towing and supply vessels, and the shallow water platform support vessel segments, said Emas in a statement.
Net profit for the nine months to May 31 jumped to US$163.2 million, even as revenue slipped 11 per cent to US$192.9 million.
Earnings per share for the quarter climbed to 1.2 US cents, up from the 0.1 cent previously, while net asset value per share stood at US$1.15 as at May 31, down from the US$2.84 as at Aug 31 last year.
Emas also announced that it has secured three new contracts for charters with oil majors in West Africa and Thailand, worth more than US$24 million.
Mainboard-listed nightclub operator LifeBrandz announced on Tuesday that it has entered into preliminary discussions with a third party, in connection with a "very substantial acquisition or reverse takeover".
"Discussions between the company and the third party are presently ongoing and, as at the date of this announcement, no definitive agreements have been entered into by the parties," said LifeBrandz.
As there is no certainty yet that the proposed transaction will be completed, the company advised shareholders to exercise caution in trading its shares.
CEFC International said it is in discussions with a third party to acquire equity interest in a company that currently owns a floating storage tank.
It is also in talks with a consortium to acquire equity interest in a company that is currently engaged in the construction of certain port facilities and cargo transportation in China.
No binding agreement in relation to the potential joint ventures has been entered into at this stage.