SINGAPORE (Oct 31): Baker Technology posted a loss of $1.5 million for 3Q16 on continued weakness in the oil and gas industry, compared to earnings of $2.7 million in 3Q15.

A manufacturer and provider of specialised marine offshore equipment and services for the O&G industry, Baker Tech saw a 10% decline in revenue to $5.0 million in 3Q, from $5.6 million in the same period last year.

The losses were mainly due to an inventory write-down of $1.1 million in 3Q as well as a lower foreign exchange gain contributed, Baker Tech says in an SGX filing.

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