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Oil Related Services and Equipment

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MRC Global committs to a plan to restructure and significantly downsize its Australian operations

Tuesday, 23 Aug 2016

MRC Global Inc : On August 19, committed to a plan to restructure and significantly downsize its Australian operations . Plan includes consolidation of facilities and locations, involuntary employee terminations and asset impairment charges . MRC Global Inc says to downsize its australian operations in response to continued downturn in oil and gas and mining industries in region . Restructuring plan, which will begin immediately and is expected to be completed by Q1 of 2017 . Majority of costs are expected to be incurred in Q3 and Q4 and include, on a pre-tax basis, $7-$10 million of inventory-related charges . Pre-Tax charges associated with restructuring plan expected to total $18 million to $24 million, including cash expenditures of $11 million to $14 million . Due to current pre-tax loss position in Australia, co does not expect to recognize a tax benefit on any restructuring charges - sec filing .Costs include $6-$7 million of lease termination costs, $3-$4 million for facilities relocations and $2-$3 million of employee termination costs.

Pacific Radiance updates on business

Wednesday, 10 Aug 2016

Pacific Radiance Ltd : Provision is expected to negatively impact earnings per share of the company for the financial year ending 31 December 2016, . Company will continue to pursue all legal avenues of recovery of the doubtful receivables . It is a non-cash accounting provision which is not expected to significantly affect the company's cash flow position" . Says to pursue all legal avenues of recovery of the doubtful receivables . Clarify that it operates on a different business model and in a different business segment from Swiber . Says group wishes to clarify that it operates on a different business model and in a different business segment from Swiber . Refers to the announcements released on 29 July 2016 and 1 August 2016 .

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