(Reuters) - Shares of oilfield service firm Otto Marine dived when trading opened on Wednesday after the company issued a profit warning.
The Singapore-listed company warned it expected to report a loss for the year ended December 31, 2014, due to cost overrun on the construction of a vessel and low utilisation and delayed charter commencement for vessels
Its shares fell 7 per cent to a record low of 3.9 cents, its biggest daily fall in two months.
The oil and gas sector has come under pressure from weak oil prices. The FT ST Oil & Gas Index, composed of 17 Singapore-listed stocks in the energy sector, is down 3 per cent so far this year following a 25 per cent slide in 2014.