Sign up
Log in Sign up
Mon 21 May 2018 13:37

Brightoil's Audit Committee 'negotiating' with adviser; results release date still unknown


Negotiations said to be centred around independent adviser's recommendations.

RBM Holdings and Aegean Marine Petroleum Network Inc have agreed to enter into negotiations in a bid to resolve their differences.
Image: Pixabay
Brightoil Petroleum (Holdings) Ltd confirmed on Monday that it is still not able to provide a date for the publication of its financial results for the year ended June 30, 2017, and interim results for the six months ended December 31, 2017.

Trading in shares of the Hong Kong-listed firm has been suspended since October 3 as a result of the delays.

In an update on developments, Brightoil explained that, in relation to work being carried out by an independent adviser to review previous transactions made by the company, its Audit Committee - which comprises independent non-executive board directors Lau Hon Chuen and Chang Hsin Kang as members, and Kwong Chan Lam as chairman - is currently "further negotiating" with the independent adviser with respect to the further steps that have been recommended.

Negotiations are said to include "the rationale behind the recommendations and alternatives other than the further steps".

"The Audit Committee trusts that such further negotiation is desirous, necessary and highly conducive to an expeditious completion of the investigation in a cost-effective fashion," Brightoil said.

"The completion of the audit and the publication of the Announcement regarding the 2017 Annual Results and 2018 Interim Results will then follow. At this point, the Company is unable to give a definitive timeframe for completion of all the aforesaid," Brightoil added.

Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.
The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.
Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.
Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.
Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.
Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.
Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.
Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.
Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.
Stanley George, VPS Group Technical and Science Manager, VPS. How to engineer and manage green shipping fuels | Stanley George, VPS  

Effective management strategies and insights for evolving fuel use.

↑  Back to Top


 Recommended