Offshore engineering firm Swiber Holdings said its US$710 million (S$958 million) offshore field development project in West Africa has been delayed due to weakness in the energy sector.
It said its client is proceeding with the project but expects completion to be delayed. Swiber has not recognised any revenue related to the project.
Separately, the firm said it has outstanding letters of demand for an aggregate amount of US$4.76 million (S$6.4 million). All the claims are trade in nature and were received in the ordinary course of business, the group said.
Swiber is seeking legal advice on the claims, and will "vigorously defend" any that are without proper basis, it said, adding that it is confident that it has sufficient resources to satisfy all claims.
Triyards Holdings, the offshore vessel fabrication and engineering solutions unit of Ezra, has posted a net profit of US$4.1 million (S$5.5 million) in the third quarter, down 24 per cent from the same period last year.
Revenue in the three months to May 31 was up 28 per cent to US$82.1 million, as work was completed on a number of vessels, while the Strategic Marine Group recognised revenue from the construction of aluminium crew boats and wind farm vessels.
Earnings per share was 4.79 US cents for the nine months to May 31, down from 5.83 US cents in the same period a year ago. Net asset value per share was 68.44 US cents as at May 31, up from 64.22 US cents as at Aug 31 last year.
BH Global Corporation
BH Global Corporation said executive chairman Alvin Lim Hwee Hong died yesterday at the age of 54. Mr Lim had been a director of the company since April 2004.
The board and management said its extends their deepest condolences to Mr Lim's family and expressed their appreciation for his contributions to the success of the company.
Mr Vincent Lim Hui Eng, who is executive director and chief executive, has been appointed acting executive chairman with immediate effect.