Ezra flags going concern issues as it further delays financials

Ezra flags going concern issues as it further delays financials

Singapore offshore services company Ezra Holdings has today sought permission from the Singapore Exchange and ACRA to further delay its full year financials by a further 90 days.

Back in October, Ezra applied to delay the results release and AGM until March 2017, citing delays related to Perisai Petroleum Teknologi, which Ezra owns a 19.47% stake in, after the Malaysian company defaulted on a S$125m bond.

Ezra has since sorted an issue with subsidiary Emas Offshore and its obligations for a $40m put option held by Perisai in relation to SJR Marine, which owns pipelaying barge Enterprise 3.

As well as working out what impairments may be required regarding Perisai, Ezra remains locked in discussions with stakeholders and is working to consolidate its funding requirements.

Ominously, the company said that if these effort don’t achieve a favourable and timely outcome, it will be faced with a going concern issue.

In addition to its woes in Malaysia, Ezra is also battling problems at its subsea joint venture Emas Chiyoda Subsea, which defaulted on vessel charters with Forland Shipping and Ocean Yield.

Ezra holds a 40% stake in the JV while Japan’s Chiyoda Corporation holds a 35% stake and NYK holds a 25% stake.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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