Falcon Energy seeking deferment of notes redemption to save cash

Singapore

MAINBOARD-LISTED Falcon Energy Group (FEG) is seeking deferment of its notes principal redemption to conserve cash and tide over what may spell the tail-end of a protracted offshore and marine (O&M) industry downturn.

FEG's chairman and chief executive, PT Tan, told The Business Times the group has a "viable business" that was, however, not spared the cash flow challenges as its third quarter revenue, hit by lower charter rates, fell by over 70 per cent compared with the year-ago period.