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OIL and gas exploration and production firm KrisEnergy fell into the red for the third quarter, despite revenue rising by almost four times.
The firm posted a net loss of US$31.6 million for the three months ended Sept 30, against a net profit of US$9.5 million a year ago.
Revenue grew from US$12.7 million in the third quarter last year to US$44.4 million as working interest production increased, even while the average realised oil price fell 26.5 per cent year-on-year.
Its earnings before interest, taxes, depreciation, amortisation and exploration expenses (Ebitdax) - a core profitability measure used by upstream oil and gas companies - rose to US$4.1 million, from US$1.6 million a year ago.
Interim CEO Jeffrey MacDonald said in a statement that oil prices in the fourth quarter to date have been on a slightly firmer footing but sentiment remains uncertain.
"We are implementing major changes to our existing operational strategy and our financial structure to ensure the viability of the group," he said. "The primary operational change will be an increased focus on development and production in the Gulf of Thailand in both Thailand and Cambodia. That said, we will retain some high-impact exploration assets for future upside potential when oil prices have stabilised and recovered somewhat from today's levels."
In a separate announcement, KrisEnergy is proposing to undertake a preferential offering of up to S$140 million senior secured zero coupon notes due 2024 with up to 1.25 billion free detachable warrants.