Global Industries (GLBL) Posts Q2 Loss of 24c; Sells 40% of Two Malaysia Entities for $23.6M
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Price: $28.81 -0.41%
Financial Fact:
Other income (expense), net: -1.8M
Today's EPS Names:
SVBT, ZEO, OTLK, More
Financial Fact:
Other income (expense), net: -1.8M
Today's EPS Names:
SVBT, ZEO, OTLK, More
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Global Industries Ltd (NASDAQ: GLBL) reported Q2 GAAP loss of ($0.24), $0.20 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $132.9 million versus the consensus estimate of $124.59 million.
The Company also announced that subsequent to the quarter end, it sold a 40% interest in its two Malaysia operating entities to Puncak Oil and Gas Sdn. Bhd. for a combined consideration of $23.6 million, with a one year option to purchase the remaining 60% interest for additional consideration of $35.4 million. As a part of this transaction, the Company reacquired a 30% interest in its Malaysian vessel ownership company from its former Malaysian partner, which comprised a portion of the 40% interest acquired by Puncak Oil and Gas.
The Company also announced that subsequent to the quarter end, it sold a 40% interest in its two Malaysia operating entities to Puncak Oil and Gas Sdn. Bhd. for a combined consideration of $23.6 million, with a one year option to purchase the remaining 60% interest for additional consideration of $35.4 million. As a part of this transaction, the Company reacquired a 30% interest in its Malaysian vessel ownership company from its former Malaysian partner, which comprised a portion of the 40% interest acquired by Puncak Oil and Gas.
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