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Rex International Holding Ltd.
(SGX:5WH)
Rex International Holding Ltd. (5WH) vs. iShares MSCI Singapore ETF (EWS)
Rex International Holding Ltd. Business Overview & Revenue Model
Rex International Holding Ltd. Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 298.88M | 222.39M | 170.26M | 158.47M |
| Gross Profit | 0.00 | 99.13M | 64.48M | 64.04M | 81.33M |
| EBITDA | -1.57K | 121.61M | 64.64M | 38.59M | 110.91M |
| Net Income | -1.70K | -41.05M | -63.91M | -1.00M | 67.16M |
Balance Sheet | |||||
| Total Assets | 634.42M | 572.28M | 613.22M | 668.56M | 543.16M |
| Cash, Cash Equivalents and Short-Term Investments | 107.66M | 130.17M | 114.04M | 138.80M | 86.91M |
| Total Debt | 172.22M | 143.88M | 106.21M | 92.99M | 56.19M |
| Total Liabilities | 604.85M | 508.31M | 498.46M | 480.07M | 343.90M |
| Stockholders Equity | 34.23M | 62.40M | 105.51M | 176.55M | 186.36M |
Cash Flow | |||||
| Free Cash Flow | -933.00 | -28.65M | -15.69M | 32.47M | 15.49M |
| Operating Cash Flow | -933.00 | 84.50M | 52.01M | 169.06M | 89.40M |
| Investing Cash Flow | -46.00 | -85.00M | -63.04M | -137.26M | -74.00M |
| Financing Cash Flow | 855.00 | 26.62M | -10.16M | 21.92M | 13.14M |
Rex International Holding Ltd. Technical Analysis
Rex International Holding Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
55 Neutral | S$96.96M | 9.36 | 2.82% | ― | -17.82% | -75.83% | |
55 Neutral | S$234.45M | 21.38 | 5.18% | ― | 2.00% | -28.40% | |
54 Neutral | S$717.44M | 17.07 | 5.10% | 2.00% | 43.96% | -54.78% | |
47 Neutral | S$191.44M | -2.53 | -85.62% | ― | 11.94% | 26.44% |
Rex International Holding Ltd. Corporate Events
Rex International Holding’s indirect subsidiary Akrake Petroleum Benin S.A. has successfully completed drilling the AK-2H production well in the Sèmè Field offshore Benin, achieving 1,405 metres of horizontal drilling through the Abeokuta Formation, of which about 950 metres comprise high-quality, oil-saturated sandstone with no water-bearing sand encountered. The well has been equipped with sand-control screens and autonomous inflow control valves to minimise water production and maximise oil output, alongside installation of an electrical submersible pump, while hook-up work on the mobile offshore production unit and floating storage and offloading unit continues, marking a key step towards bringing the field into production and enhancing the Group’s future production capacity in the region.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.15 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding has announced a new hydrocarbon discovery in the Knockando Fensfjord prospect within Norway’s Brage Field, where its indirect subsidiary Lime Petroleum holds a 33.8434% interest. Preliminary estimates from the Norwegian Offshore Directorate indicate additional recoverable resources for Brage of between 0.5 and 1.5 million standard cubic metres of oil equivalent if the find is oil, or 0.4 to 0.9 million standard cubic metres if it proves to be gas, following drilling of the Talisker A-15D development well from the Brage installation. The well intersected a 38.5‑metre hydrocarbon column in multiple sandstone layers of moderate to good reservoir quality in the Lower Fensfjord Formation, and the Brage Field partners are now evaluating options to develop the Knockando Fensfjord discovery, which could incrementally enhance production and reserves from the mature field.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.15 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding’s indirect subsidiary Masirah Oil Limited has secured the Energy Emerger jack-up drilling rig, operated by Northern Offshore Drilling Operations, for a multi-well development programme in the offshore Yumna Field in Block 50, Oman, starting in March 2026. The rig, previously deployed in MOL’s 2024 drilling campaign, will drill three new producer wells aimed at boosting oil production rates and extending the commercial life of the Yumna Field, reinforcing Rex’s operational growth plans in Oman and its role as operator with a 100 per cent interest in Block 50.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.14 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding Limited has completed the proposed transaction and transfer under a conditional share purchase agreement involving its technology subsidiary Xer Sweden and Swedish-listed RVN. Following completion, Xer Sweden is now wholly owned by RVN, in which Rex holds approximately 50.4 per cent, giving the Singapore group effective control while maintaining a Swedish market listing platform. RVN has secured final approval for its continued listing on Spotlight Stock Market, and, after registering a name change to Xer Sweden, its shares are expected to begin trading under the new ticker symbol “XER” around 11 February 2026, marking a key milestone in Rex’s strategy to crystallise value via a reverse takeover structure.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.14 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding said its subsidiary Lime Petroleum Holding has secured bondholders’ approval to defer interest payments due in January 2026 on its outstanding bonds and to temporarily waive and suspend the bonds’ minimum liquidity covenants until 31 March 2026. The move leaves all other bond terms intact while easing short-term financial pressures at LPH, enhancing its near-term liquidity and operational flexibility, and signalling continued support and cooperation from its bond investor base as the company manages its capital structure.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.14 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International’s indirect subsidiary Akrake Petroleum Benin is nearing completion of drilling operations on the AK-2H production well in the Sèmè Field in Block 1 offshore Benin, with the well expected to be ready for production in the first week of February 2026. The AK-2H well is designed to drain the western section of the field from the H6 reservoir, and current work includes final well completion activities such as installing screens across the reservoir sandstone and a down-hole electrical submersible pump, while the associated mobile offshore production unit Stella Energy 1 and floating storage and offloading unit Kristina are also in the final stages of installation, positioning the project for imminent start-up and potential near-term production growth for the group.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.14 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International’s Norwegian subsidiary Lime Petroleum AS has strengthened its North Sea position after being awarded a 25 per cent stake in production licence PL1279, which contains the Vette discovery and is planned to be developed in conjunction with the nearby Yme field operated by Repsol Norge. In parallel, Lime’s operational progress continues at the Brage field, where a three-well drilling campaign has concluded and the new Talisker production well has started output on schedule, pointing to potentially higher production and improved asset value for the company’s Norwegian portfolio.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding Limited has provided an update on the proposed acquisition of shares in Renewable Ventures Nordic AB (RVN) by Monarch Marine Holding Ltd, linked to the planned spin-off involving Xer Sweden. Under the arrangement, RVN will acquire Monarch’s 4,000,000 Xer Sweden shares, representing 40 per cent of Xer Sweden, on the same commercial terms as its purchase of the remaining 60 per cent stake held by Rex Technology Investments Pte. Ltd., with Monarch to receive 13,636,364 new RVN shares as consideration. The board and audit committee of Rex emphasised that the risks and rewards associated with the transaction are proportionate to the respective 60/40 equity holdings of Rex and Monarch in Xer Sweden, and stated that the spin-off terms are not prejudicial to the interests of the company or its minority shareholders, aiming to reassure investors about fairness and alignment in the restructuring.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding’s indirect subsidiary Akrake Petroleum Benin S.A. is on track to commence production at the offshore Sèmè Field in Block 1, Benin, by the end of January 2026, following completion of the AK-2H horizontal production well in the H6 reservoir. The Stella Energy 1 mobile offshore production unit and Kristina floating storage and offloading unit have already been upgraded and positioned on site, while the recent drilling campaign, which included an exploration well and two production wells, faced significant delays due to challenging geomechanically unstable shale layers; new geo-mechanical data were used to optimise drilling parameters, and a further rig is planned later in 2026 to finalise remaining drilling operations.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International’s subsidiary Lime Petroleum Holding AS has asked bondholders of its 2027 and 2028 bonds to approve a deferment of interest payments due in January 2026 to no later than 31 March 2026, and to temporarily waive minimum liquidity covenants over the same period. The move follows unexpected delays in production income and higher drilling costs stemming from operational and logistical challenges at the Sèmè field offshore Benin, which have strained Lime Petroleum’s short-term cash flow and liquidity, with bondholders given until 23 January 2026 to vote on the proposals and any related resolutions.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International reported total production of 7,959 barrels of oil equivalent per day (boepd) in December 2025 from its operations in Norway, Oman and Germany, underscoring the continued contribution of its diversified asset base. Its Norwegian subsidiary Lime Petroleum AS accounted for the bulk of this output, with 6,873 boepd net from the Brage and Yme fields, where it holds significant minority stakes; drilling at the Brage field and the Bestla prospect, which will be tied back to Brage, was completed during the month, positioning the company for potential operational and production benefits despite routine scheduled and unscheduled shut-ins.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding has reported further significant technical issues in its ongoing drilling campaign at the Sèmè Field in Benin, meaning that production from the field will not commence in 2025 as previously expected. Drilling operations are still continuing as the operator, Akrake Petroleum Benin S.A., seeks to resolve these problems, and Rex has indicated that it will provide additional updates in due course, underscoring operational challenges that may delay anticipated output and cash flow from this key asset.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding Limited has reduced its holdings in quoted securities, disposing of certain quoted debt investments and lowering the aggregate cost of its quoted investment portfolio from US$10.32 million to US$6.83 million as at 23 December 2025. As a result, the aggregate cost of these quoted investments has fallen from 17.49% to 11.58% of the Group’s latest audited consolidated net tangible assets of US$59.0 million as at 31 December 2024, with no provisions made for diminution in value, signalling a shift in portfolio allocation and potential rebalancing of its financial assets.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding Ltd. announced that its total oil production for November 2025 from operations in Norway, Oman, and Germany reached 10,417 barrels of oil equivalent per day (boepd). The company’s subsidiary, Lime Petroleum AS, reported a combined production of 9,408 boepd from the Brage and Yme Fields in Norway, where it holds significant interests. The production was affected by scheduled and unscheduled shut-ins, which are typical in the course of operations. Drilling activities are ongoing at the Brage and Bestla sites, with the latter set to be integrated with the Brage Field.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding Ltd.’s subsidiary, Jasmine Energy Limited, has successfully raised US$25 million through a bond issue to fund a drilling campaign in the Yumna Field, Oman. This initiative aims to increase oil flow rates and extend the field’s lifetime, reflecting Rex’s commitment to long-term value creation for stakeholders.
The most recent analyst rating on (SG:5WH) stock is a Hold with a S$0.16 price target. To see the full list of analyst forecasts on Rex International Holding Ltd. stock, see the SG:5WH Stock Forecast page.
Rex International Holding Ltd. announced that its CEO, Mr. Måns Lidgren, will take an extended medical leave starting November 21, 2025. During his absence, CFO Mr. Per Lind will serve as Interim CEO, supported by Executive Chairman Mr. John d’Abo and the senior management team, ensuring continuity in leadership and operations.
Rex International Holding Ltd. has announced updates regarding its ongoing three-well drilling campaign in the Sèmè Field, Benin. The project has faced technical challenges causing delays, but efforts are underway to resolve these issues with production expected to commence by the end of December 2025. The arrival of the Floating Storage & Offloading unit and the upcoming Mobile Offshore Production Unit are key developments in the project, which is operated by Akrake Petroleum Benin S.A., a subsidiary of Rex.
Rex International Holding Ltd. reported a total production of 9,286 barrels of oil equivalent per day (boepd) from its operations in Norway, Oman, and Germany for October 2025. Lime Petroleum AS, a subsidiary of Rex, announced that its net production from the Brage and Yme Fields in Norway was 7,943 boepd. The Brage Field, operated by OKEA ASA, and the Yme Field, operated by Repsol Norge AS, experienced both scheduled and unscheduled shutdowns, impacting production levels. The announcement highlights the operational challenges faced by the company, which could affect its production targets and stakeholder expectations.
Rex International Holding Ltd. has announced a strategic move involving its subsidiary, Xer Tech AB, through a reverse takeover by Renewable Ventures Nordic AB (RVN) with the aim of listing Xer Tech AB on the Sweden Spotlight Stock Market. This transaction involves the transfer of 6,000,000 shares in Xer Tech AB to RVN, valued at approximately SEK 90 million, and is expected to enhance the market positioning of Xer Tech AB by providing it with a public listing platform, potentially increasing its visibility and access to capital.
Rex International Holding Ltd. reported its use of funds for the third quarter of 2025, highlighting significant expenditures in exploration and production activities across Oman, Norway, Benin, and Germany. The company noted higher than projected costs in Oman and Norway due to operational expenses and drilling activities, while spending in Benin was lower than expected due to phased operations. This financial update reflects Rex’s ongoing commitment to expanding its exploration and production capabilities, impacting its operational strategies and financial planning.