SINGAPORE: Singapore’s Ezra Holdings Ltd, one of the city-state’s many oilfield service firms hit by a challenging market, plans to sell its stake in a floating production, storage and offloading vessel, seeking to strengthen its financial position.
Ezra and its unit EMAS Offshore said they would sell their combined 78.4 percent holding in PV Keez Pte, which owns the vessel, to a global infrastructure investment firm.
Terms of the deal and the name of the buyer were not disclosed.
Ezra also said on Friday that it posted a loss of $282.6 million for its second quarter ended February, compared with a profit of $4.7 million a year ago, hurt by a weakness in the offshore support sector and asset impairment charges.
A near two-year slide in crude oil prices has led to lower charter rates and less work for oilfield service companies.
Ezra’s shares were down 2.8 percent in afternoon trade, while the broader market was flat.
Copyright Reuters, 2016
Courtesy : BRecorder