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Stocks to watch: Vard, Straits Trading, Oil & Gas related
Vard Holdings: Amid oil prices taking a beating - casting doubts over the the pipeline of projects for offshore and marine companies - Vard Holdings Limited (Vard), announced on Wednesday that it has secured a contract for the design and construction of an offshore subsea construction vessel (OSCV) for Farstad Shipping (Farstad). Delivery is scheduled from Vard Vung Tau in Vietnam, in Q4 2016.
Straits Trading: A subsidiary of The Straits Trading Company, Straits Real Estate, announced after the market closed on Tuesday that it is proposing to acquire a retail development known as Times Midtown in Chongqing, China for approximately 668.4 million yuan (S$141.65 million).
Oil & Gas-related: As crude oil prices plunged to new lows on Tuesday, with Brent crude hitting a new five-year low at below US$60 per barrel, companies dealing with oil & gas, including in the offshore & marine sector, may continue to find the heat on them. In contrast, companies in the transportation business, including airlines and shipping liners, may receive a boost from lower fuel costs.