Company briefs: OKP Holdings

OKP Holdings

Infrastructure and civil engineering firm OKP Holdings has posted a first-quarter net profit of $1.85 million, up 64.6 per cent from the same period a year ago, due partly to an increase in other income, including a technical management consultancy fee of $600,000.

Revenue in the three months to March 31 fell 10.4 per cent to $24.55 million, as a decline in turnover from the maintenance segment was partially offset by a marginal increase in sales from the construction segment.

Earnings per share was 0.6 cent, up from 0.37 cent a year ago. Net asset value per share was 33.97 cents as at March 31, up from 33.37 cents as at Dec 31.

Tiger Airways

Tiger Airways will be delisted from the Singapore Exchange at 9am tomorrow, following the successful takeover bid launched by Singapore Airlines last November.

Vallianz Holdings

Offshore marine services provider Vallianz Holdings has been awarded a time charter contract valued at up to US$63 million (S$85 million) to supply two offshore support vessels to a Middle Eastern national oil company.

Vallianz will supply anchor handling tug supply vessels and safety standby vessels to the firm for up to seven years. The first vessel is expected to be deployed to the Arabian Gulf in the third quarter of this year, while the second is scheduled for deployment in the first quarter of 2017. The new deal lifts the group's chartering services order book to US$950 million.

Vard Holdings

Shipbuilder Vard Holdings said it is exposed to bankrupt customer Harkand Group, a subsea inspection, repair and maintenance firm.

Harkand has one diving support and construction vessel under construction at Vard, originally contracted in December 2013 for delivery in the second quarter of this year.

The vessel is in an advanced stage of construction, said Vard. It is "evaluating its position towards Harkand". If the deal is unlawfully terminated, Vard will be "entitled to retain the advance payments already received, equivalent to 20 per cent of the original contract price, and to resell the vessel". It added that payment already received could facilitate a resale of the vessel.

A version of this article appeared in the print edition of The Straits Times on May 10, 2016, with the headline 'Company briefs'. Print Edition | Subscribe