LONDON (Alliance News) - UAE Oil Services PLC on Wednesday posted a loss for its first financial year due to legal and professional fees and said it is still pursuing the acquisition of OBN Group.
From its 2018 incorporation on January 3 through to the end of December 2018 the company's pretax loss totalled GBP779,732. The vast majority, GBP667,504 of this, was legal and professional fees.
Directors' remuneration made up another GBP52,800 of loss and administrative expenses the remaining GBP59,428.
UAE Oil was created to make acquisitions in the oil and gas support services and infrastructure sector, focusing generally on the Middle East and North Africa but initially in the United Arab Emirates.
In August 2018, UAE Oil announced the possible acquisition of OBN and suspended its shares. By the end of 2018 this had not occurred, although the process is still ongoing and shares remain suspended.
"It is the intention of the board to complete this as soon as possible," said Chair Nils Trulsvik.
As at December 31, UAE Oil's cash balance stood at GBP346,486.
UAE Oil said: "The directors believe there is sufficient financial resources in order to complete the acquisition of OBN Group. However, other opportunities will be considered if they meet the strategic objectives of the company."