Ezra Holdings Files for Bankruptcy in US
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.
Keppel Acquires Stake in KrisEnergy
Global marine offshore & energy group Keppel Corp. Keppel Corporation Limited (Keppel Corporation), through a wholly-owned subsidiary, has subscribed for new shares in KrisEnergy Ltd (KrisEnergy) for a total consideration of USD 115m. The consideration amount was injected as new capital into KrisEnergy, and Keppel Corporation now holds 20% of KrisEnergy's enlarged share capital. Established in 2009, KrisEnergy is an independent upstream oil and gas company with a diverse portfolio in Southeast Asia. The acquisition was funded internally and the price was derived from a willing buyer, willing seller basis. KrisEnergy was previously 100% held by parent company KrisEnergy Holdings Ltd, whose major shareholder is First Reserve, a leading global investment firm dedicated to the energy industry.
