Company Briefs: Mermaid Maritime Public Company

Mermaid Maritime Public Company

An associate firm of Mermaid Maritime Public Company has clinched a three-year contract extension for a jack-up drilling rig with a client in the Middle East until December 2019.

This extension comes at "reduced rates in order to remain competitive in this challenging business environment", the company said yesterday.

It added that the current contract is scheduled to expire by the end of the year.

Mermaid Maritime said the extension will add about US$112 million (S$162 million) to the contract backlog.

Its associate, Asia Offshore Drilling, has been working with the same client since 2013.

Wee Hur Holdings

Property firm Wee Hur Holdings said its subsidiary is selling a plot fronting Ann Street in Brisbane for A$65.1 million (S$67.8 million) to Australian company Mirvac Projects.

The central business district site has a land area of 5,478 sq m.

Wee Hur Holdings said the site will be reconfigured into two lots: a 3,690 sq m lot fronting Ann Street and a 1,788 sq m plot facing Turbot Street.

It is selling the lot fronting Ann Street while the other will be retained.

"The board is of the view that the sale... is in the best interest of the group and the proceeds from the proposed disposal will be used for other developments in Australia," it added.

The gain from the sale will be about $14.43 million after deducting taxes.

San Teh

A unit of hotel operator San Teh has started arbitration proceedings against Shanghai Yi Ya Investment Management Co to recover outstanding rents of about 8.4 million yuan (S$1.7 million).

Shanghai Yi Ya operates San Teh's Nantong Santeh Hotel Co.

San Teh said yesterday that the operator had not fulfilled its obligation to relaunch the hotel under an international hotel chain franchise in September, after suspending operations since the start of the year.

Under a letter of intent signed in March, if Shanghai Yi Ya fails to fulfil its obligation, it has to pay rentals, starting from Jan 1, 2016, to Nantong Santeh Hotel Co, according to the existing agreement terms.

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A version of this article appeared in the print edition of The Straits Times on December 30, 2016, with the headline Company Briefs: Mermaid Maritime Public Company. Subscribe