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OCBC ceases coverage on Kim Heng O&M on weak 2Q results

Samantha Chiew
Samantha Chiew8/22/2017 01:00 PM GMT+08  • 2 min read
OCBC ceases coverage on Kim Heng O&M on weak 2Q results
SINGAPORE (Aug 22): OCBC Investment Research is ceasing its coverage on Kim Heng Offshore & Marine as the offshore and marine (O&M) industry is not picking up enough to spur capital expenditure in the oil & gas sector.
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SINGAPORE (Aug 22): OCBC Investment Research is ceasing its coverage on Kim Heng Offshore & Marine as the offshore and marine (O&M) industry is not picking up enough to spur capital expenditure in the oil & gas sector.

The group also reported a net loss in 2Q17 of $2.8 million compared to a $0.3 million profit in the previous quarter. Revenue in 2Q17 also saw a 4% y-o-y decline to $7.4 million.

In a Tuesday report, analyst Low Pei Han says, “Demand for maintenance of rigs and related goods and services has remained low during the current protracted downturn of the O&G industry, and there are still little signs of recovery for now.”

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