Kuala Lumpur-listed offshore firm Perisai Petroleum Teknologi has set alarm bells ringing, asking bondholders to delay the maturity of its S$125m ($91.9m) bonds due next month and in February next year.
The company has been reporting consecutive quarters of losses and its capital base has been badly hit during the offshore downturn.
The news from Kuala Lumpur could have big ramifications for Singapore’s Ezra Holdings, an offshore firm with heavy debts. Ezra and its subsidiary indirectly and directly own a total of 20.6% in Perisai.
A number of Southeast Asian offshore firms are reviewing their financial position of late. Last week, for instance, Singapore-listed Marco Polo Marine appointed KPMG as an advisor to the group to conduct an “independent business review” of the company.