Falcon Energy's full-year loss widens to US$121.2m

Singapore

MAINBOARD-LISTED offshore oil and gas contractor Falcon Energy Group's net loss widened to US$121.18 million for the year ended June 30, 2017, from a net loss of US$4.96 million in the preceding year.

Revenue slumped 56 per cent to US$106.82 million due mainly to a lower volume of works at its oilfield and drilling services division in FY2017, and lower deployment rate of vessels and drop in charter rates at its marine division.