Investor Relations - News
MTQ Subsea Technology Pte Ltd
The Board of Directors of Metalock (Singapore) Limited ("the Company") wishes to inform of the disappearance of a submersible remotely operated vehicle ("ROV") unit belonging to MTQ Subsea Technology Pte Ltd ("MTQ Subsea"), a 72.73% owned subsidiary of the Company, during an undersea operation on 17 November 2002. The ROV unit is part of a complete ROV system which was engaged for the operation. Save for the ROV unit, the rest of the ROV system remains intact. Search for the ROV unit since news of the loss has proven futile to-date.
The ROV unit is fully insured and MTQ Subsea has notified the insurers of the loss. As such, the Directors believe that the cost of the unit can be fully recovered and the loss is unlikely to have any material impact on the Group's net profit for the current financial year.