a)Key management personnel compensation Compensation to Directors and executive officers of the Predecessor and the Successor comprised the following: i)Transactions with key management personnel
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Successor |
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Successor |
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|
Successor |
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Predecessor |
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|
For the
year ended
March 31,
2026 |
|
For the
year ended
March 31,
2025 |
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|
For the period
June 16, 2023
through
March 31,
2024 |
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For the period
April 1
through
June 15,
2023 |
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|
|
US$’000 |
|
US$’000 |
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|
US$’000 |
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|
US$’000 |
|
Short-term employee benefits |
|
605 |
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|
520 |
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|
198 |
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46 |
|
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, and was determined to be executive officers (CEO and CFO) and directors (executive and non-executive) of the Company. The remuneration of directors and key executives is determined by the board of directors of the Company having regard to the performance of individuals and market trends. ii)Other related party transactions a)Related parties’ relationship with the Predecessor and the Successor The Company’s relationship with related parties who had transactions with the Predecessor and the Successor are summarized as follows:
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Related Party Name |
|
Relationship to the Predecessor |
Edgen Murray Pte. Ltd. |
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Controlled by ultimate controlling party* |
Howco Metals Management Pte. Ltd. |
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Controlled by ultimate controlling party* |
SC Tubular Solutions (B) Sdn. Bhd. |
|
Controlled by ultimate controlling party* |
SC Tubular Solutions Malaysia Sdn. Bhd. |
|
Controlled by ultimate controlling party* |
Sumitomo Corporation |
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Ultimate controlling party of the Predecessor* |
Sumitomo Corporation Asia & Oceania Pte. Ltd. |
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Controlled by ultimate controlling party* |
Sumitomo Corporation Capital Asia Pte. Ltd. |
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Controlled by ultimate controlling party* |
Sumitomo Corporation Malaysia Sdn. Bhd. |
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Controlled by ultimate controlling party* |
OMS Energy Technologies Pte. Ltd. |
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Controlled by ultimate controlling individual, Mr. How, the CEO of Successor |
* These parties ceased to be the Successor’s related parties with effect from June 16, 2023, subsequent to OMSET PL acquiring 100% shares in OMS Holdings Pte. Ltd. from Sumitomo Corporation, the former shareholder. b)Related party transactions In addition to the information disclosed elsewhere in the financial statements, the following transactions took place between the Group and related parties at terms agreed between the parties: Goods or services rendered to related parties
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Successor |
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Successor |
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|
Successor |
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Predecessor |
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For the
year ended
March 31,
2026 |
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For the
year ended
March 31,
2025 |
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For the period
June 16, 2023
through
March 31,
2024 |
|
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For the period
April 1
through
June 15,
2023 |
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|
US$’000 |
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|
US$’000 |
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|
US$’000 |
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|
US$’000 |
|
SC Tubular Solutions (B) Sdn. Bhd. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
560 |
|
Sumitomo Corporation Asia & Oceania Pte. Ltd. |
|
|
— |
|
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— |
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|
— |
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395 |
|
SC Tubular Solutions Malaysia Sdn. Bhd. |
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— |
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— |
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— |
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260 |
|
Revenue – related parties |
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— |
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— |
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— |
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1,215 |
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All outstanding balances with the related parties are to be settled in cash on 30 days to 60 days’ terms. Goods or services provided by related parties
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Successor |
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Successor |
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|
Successor |
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Predecessor |
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For the
year ended
March 31,
2026 |
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For the
year ended
March 31,
2025 |
|
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For the period
June 16, 2023
through
March 31,
2024 |
|
|
For the period
April 1
through
June 15,
2023 |
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
Howco Metals Management Pte. Ltd. |
|
|
— |
|
|
|
— |
|
|
|
— |
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|
23 |
|
SC Tubular Solutions Malaysia Sdn. Bhd. |
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|
— |
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— |
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— |
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49 |
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Sumitomo Corporation |
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— |
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— |
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— |
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3 |
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Cost of revenue – related parties |
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— |
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— |
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— |
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75 |
|
All outstanding balances with the related parties are to be settled in cash on 30 days to 60 days’ terms. Other income/(expenses)
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Successor |
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|
Successor |
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|
Successor |
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Predecessor |
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For the
year ended
March 31,
2026 |
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For the
year ended
March 31,
2025 |
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For the period
June 16, 2023
through
March 31,
2024 |
|
|
For the period
April 1
through
June 15,
2023 |
|
|
|
US$’000 |
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|
US$’000 |
|
|
US$’000 |
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|
US$’000 |
|
Howco Metals Management Pte. Ltd. |
|
|
— |
|
|
|
— |
|
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|
— |
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38 |
|
Sumitomo Corporation |
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— |
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— |
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— |
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(9 |
) |
Other income, net – related parties |
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— |
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— |
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— |
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29 |
|
Finance income
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|
Successor |
|
|
Successor |
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|
Successor |
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|
Predecessor |
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|
For the
year ended
March 31,
2026 |
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For the
year ended
March 31,
2025 |
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For the period
June 16, 2023
through
March 31,
2024 |
|
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For the period
April 1
through
June 15,
2023 |
|
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|
US$’000 |
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|
US$’000 |
|
|
US$’000 |
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|
US$’000 |
|
Sumitomo Corporation Capital Asia Pte. Ltd. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
64 |
|
Sumitomo Corporation Malaysia Sdn. Bhd. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
1 |
|
OMS Energy Technologies Pte. Ltd. |
|
|
93 |
|
|
|
— |
|
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|
— |
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— |
|
Finance income – related parties |
|
|
93 |
|
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— |
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— |
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65 |
|
Finance cost
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|
Successor |
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|
Successor |
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|
Successor |
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|
Predecessor |
|
|
|
For the
year ended
March 31,
2026 |
|
|
For the
year ended
March 31,
2025 |
|
|
For the period
June 16, 2023
through
March 31,
2024 |
|
|
For the period
April 1
through
June 15,
2023 |
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
Sumitomo Corporation Capital Asia Pte. Ltd. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
162 |
|
Finance cost – related parties |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
162 |
|
As of March 31, 2026 and 2025, the Successor's only related party balance consisted of a loan due from OMS Energy Technologies Pte. Ltd. Loan due from a related party
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|
Successor |
|
|
Successor |
|
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|
As of
March 31,
2026 |
|
|
As of
March 31,
2025 |
|
|
|
US$’000 |
|
|
US$’000 |
|
OMS Energy Technologies Pte. Ltd. |
|
|
1,984 |
|
|
|
1,584 |
|
|
|
|
1,984 |
|
|
|
1,584 |
|
During the year ended March 31, 2026, the Successor entered into a loan agreement with OMS Energy Technologies Pte. Ltd. (the "Loan Agreement"). The Loan Agreement is unsecured, bears interest at 1.7% per annum payable in arrears, and is fully repayable on March 31, 2027. Prior to the execution of the Loan Agreement, the balance outstanding with OMS Energy Technologies Pte. Ltd. was non-interest bearing and was presented in the prior year consolidated balance sheet as "Amount due from a related party." Following the formalisation of the Loan Agreement in the current year, the balance is presented as "Loan due from a related party" as at March 31, 2026. This change in presentation has no impact on the amounts previously reported.
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