SINGAPORE (Nov 7): Viking Offshore & Marine posted a loss of S$2.3 million in 3Q16, compared to earnings of S$0.2 million in the same quarter last year. In a filing to SGX on Monday, the Group said this was mainly due to lower order book carried forward, deferral of projects, and lower new order intake. “This prolonged industry downturn impacted the Group business activity with delays to existing projects, a trend which is expected to continue,” said Viking Offshore & Marine. Since 2Q16, Viking Offshore & Marine ceased the recognition of revenue for its second land rig, pending negotiation with the charterer. Viking Offshore & Marine closed 3% lower at 3.2 cents on Monday.

Source: The Edge Markets November 07, 2016 10:32 UTC