Ezion Holdings Ltd News

Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported. Ezra  has been facing hostile actions from creditors at home and abroad as it struggles to recover from a slump in oil prices over the past three years. The company filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, according to a stock exchange filing on Sunday. Ezra will hold an informal meeting as soon as "reasonably practicable" to update and provide further information on the Chapter 11 filing to holders of its debt, it said in a separate statement. Ezra is one of several Singapore offshore and marine services firms that have been hit by a downturn in oil prices since in 2014.

This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a Singapore IPO - a boost to the city-state's stock market which has seen just one other mainboard listing this year. The deal from PACC Offshore Services Holdings (POSH), the largest Asia-based international operator of support vessels for offshore oilfields, comes as Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors.

PACC Offshore Services Holdings (POSH), part of the empire of Malaysia's richest man Robert Kuok, has roped in Hwang Investment Management Berhad and Fortress Capital Asset Management as cornerstone investors for its Singapore listing, which sources close to the matter said could raise about $400 million. The two cornerstone investors would take up 85.6 million shares, according to the company's preliminary prospectus. POSH operates a fleet serving offshore oilfields in Asia, Africa and Latin America. Singapore is home to the world's two biggest rig builders, Keppel Corp Ltd and Sembcorp Marine Ltd, as well as smaller oil services companies such as Ezion Holdings Ltd. The sources declined to be identified because the information has not been made public.

Alewijnse Marine Systems completed the electrical conversion of the jack-up rig Atlantic Amsterdam. The Atlantic Amsterdam has spent the last nine months at Damen Shiprepair Vlissingen being converted from a drilling rig to offshore hotel accommodation by Nordica Offshore Pte, Ltd. Alewijnse was responsible for the supply, installation, integration and commissioning of a number of critical electrical systems. The Atlantic Amsterdam, formerly called Shelf Explorer, is owned by Atlantic Amsterdam Pte. Ltd. of Singapore, a subsidiary of Ezion Holdings Ltd.

Alewijnse Marine Systems has successfully completed the electrical conversion of the jack-up rig 'Atlantic Amsterdam'. The Atlantic Amsterdam has spent the last nine months at Damen Shiprepair Vlissingen being converted from a drilling rig to offshore hotel accommodation by Nordica Offshore Pte, Ltd. Alewijnse was responsible for the supply, installation, integration and commissioning of a number of critical electrical systems. The Atlantic Amsterdam, formerly called Shelf Explorer, is owned by Atlantic Amsterdam Pte. Ltd. of Singapore, a subsidiary of Ezion Holdings Ltd.

Scheldepoort Repair & Conversion Yard has been awarded a contract to convert the jack-up drill rig Shelf Explorer into offshore hotel accommodation. The accommodation unit will then be known as Atlantic Amsterdam, owned by Atlantic Amsterdam Pte. Ltd. in Singapore, a subsidiary of Ezion Holdings Ltd. Scheldepoort Repair & Conversion Yard (based in Vlissingen, The Netherlands) is part of Damen Shipyards Group and specializes in modifications, repairs and refits. The yard carried out an identical project in April 2011 for the former drill rig which is now known as Atlantic Labrador.