Singapore-listed shipbuilder Triyards has plunged into the red in its third quarter after taking a $45m impairment hit.
The company said the net loss to 31 May was $63.27m, compared to profit of $4.12m in 2016.
It said the impairment was made due to the "prolonged depressed state of oil and gas industry as well as the extremely competitive market environment", which impacted the value of certain assets.
