Fabchem China Limited said it expects to post a net loss for the fourth quarter and full year ending March 31.
The Chinese manufacturer of explosive devices said that the loss for the fourth quarter mainly stems from revenue loss due to the temporary suspension of its booster production activities, which came as a precautionary measure by the authorities, following an unrelated explosion incident at a booster production plant in Shandong province.
Fabchem also expects its results to be impacted by China's slowdown and general weakness in global commodity prices that continue to impact mining activities in China. Mining has also been affected by the Chinese authorities' tightening of regulations on industrial activities and pollution.
Transocean yesterday announced an agreement with Keppel Offshore & Marine's shipyard, Keppel FELS, to defer the delivery and related payments for five high-specification jackups until 2020.
"The Super B 400 Bigfoot Class jackup drilling rigs are now scheduled to be delivered in two- and three-month intervals beginning in the first quarter of 2020," it said in a statement.
Ordered in 2013, the first rig had been scheduled for delivery during the first quarter of this year, with the other four units thereafter at four-month intervals.
Exploration companies have been deferring or cancelling orders as crude oil prices, down 70 per cent since mid-2014, force them to cut costs.
Hiap Seng Engineering
Hiap Seng Engineering has been awarded two contracts worth some $18.3 million for the provision of mechanical works in Singapore.
Work has commenced, with plant construction due for completion by February next year.
The group expects a positive contribution to its earnings from the contracts but does not expect any material impact on the net tangible assets or earnings per share for the current financial year ending March 31, 2016.