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Triyards hits new low on loss warning, 3Q results delay

PC Lee Published on Mon, Jul 10, 2017 / 1:15 PM GMT+8

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SINGAPORE (July 10): Triyards, which is seeking approval to delay the announcement of its 3Q financial results ended May, saw its shares slumping on Monday.

Late last Friday, the offshore oilfield services company announced it would post a net loss in 3Q because of a writedown.

“Due to continued depressed state of oil & gas industry, management is of the opinion that the group should rationalise and reassess the carrying value of certain assets of the group which were acquired or developed previously with plan to deploy for new projects or business ventures related to oil and gas industry,” says Triyards in its announcement.