Singapore-based Technics Oil & Gas Ltd., a full service integrator of compression systems and process modules for the petroleum industry, disclosed Tuesday that the firm and its subsidiary, Technics Offshore Engineering Pte Ltd., have each applied to the High Court of Singapore for an order to place them under judicial management.
In the applications, both parties have each nominated the appointment of Chia Soo Hien and Leow Quek Shiong of BDO LLP as judicial managers to manage their affairs, business and property.
Technics Oil & Gas said in a press release that it "will make further announcements as and when there are material developments in due course."
On May 12, the company reported that it posted a $4.1 million (SGD 5.7 million) decline in revenue to $10.3 million (SGD 14.2 million) in second quarter 2016 (2Q 2016) ending March 31, down from $14.4 million (SGD 19.9 million) in 2Q 2015, while loss after tax reached $3.5 million (SGD 4.8 million), down from profit after tax of $800,000 (SGD 1.1 million) in the corresponding period last year.
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