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KrisEnergy explores recapitalisation options

Firm swings to a first-quarter loss of US$18.3m, citing deepest oil downturn in three decades

Published Fri, May 13, 2016 · 09:50 PM

Singapore

OIL-and-gas exploration firm KrisEnergy is looking at various options of recapitalising the company in the next few months to meet its debt obligations.

It said on Friday, as it reported a US$18.3-million loss for the first quarter, that it remains severely affected by "the deepest and most prolonged downturn" in the oil industry in three decades. For Q1 2015, its net profit was US$46.3 million.