Triyards' projects at risk due to low resources

Its debt could also blow up by US$6.9m.

Triyards risks hitting rock bottom after it suspended share trading due to worsening difficulties since its results announcement in Q2.

In an announcement, Triyards said it is reassessing whether it can continue or complete any of its existing resources with an ongoing lack of resources.

"The Group is currently engaging all relevant stakeholders with an aim to ensure that the Group will be able to deliver its existing projects to its customers."

Triyards was also unable to deliver vessels within deadlines, as expiry of shipbuilding contracts approach closer.

None of the company's clients, however, have cancelled.

"The Group is currently negotiating with affected clients to establish new delivery timelines that are mutually acceptable to the parties."

Triyards said it is looking to engage lenders to increase project funding.

It has also experienced delays in delivery and collections from clients that are also affected by the downturn in the oil and gas (O&G) industry.

The company has also disclosed that it is facing demands from lenders for overdue instalments of US$0.8m.

"The Group is currently in negotiations with these lenders, the failure of which could potentially result in these lenders calling for the entire outstanding loan amounting to an aggregate sum of approximately US$ 6.9 million and potential cross default on other loans granted by other financial institutions to the Group."

In the meantime, Triyards has secured a financial advisor to create a restructuring plan to its stakeholders.

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