Embattled Singapore liftboat specialist Ezion Holdings has warned it is likely to report a full year loss of $1bn for 2017.
The world’s second largest operator of liftboats is currently undergoing a massive refinancing exercise. In a note to the Singapore Exchange, Ezion attributed the likely loss to $900m of impairment losses on revaluing its fleet.
“The oversupply of offshore logistics vessels and jack-up rigs in the industry has resulted in lower charter rates and depressed the market value of our assets, lowering the Group’s gross profit margins and cash flow,” Ezion admitted in the release
The group will officially unveil its annual results on March 28.