Gaylin warns of Q2 loss due to continued 'challenging' oil and gas environment

SINGAPORE - The board of oil and gas contractor Gaylin Holdings on Friday (Nov 9) said that following a preliminary review of the unaudited financial results of the group for the second quarter ended Sept 30, 2018, the group is expected to record a net loss due to the "continued challenging environment" for oil and gas industry players.

Further details of the group's financial performance will be disclosed when the company announces its second-quarter results on or before Nov 14.

In October, shareholders of Gaylin voted in favour of its plan to acquire its industry peer, Amos International Holdings, for $48.6 million in an all-share deal.

Following the acquisition, Amos will become a wholly owned subsidiary of Gaylin.

Gaylin has also proposed to rename itself Amos Group; this is subject to the approval of shareholders at an extraordinary general meeting to be convened.