Singapore's Kim Heng Oilfield & Marine has recorded a SGD 5m ($3.7m) loss for 2020.

But executive chairman and chief executive Thomas Tan believes the future looks brighter as the company delves deeper into clean energy.

Tan described Kim Heng as “embracing the energy change” in its annual report released on Friday.

The loss came as overall revenue fell by 35% to SGD 37.6m