SINGAPORE (Nov 13): Ezion is likely to face more downside risks next year due to its aging fleet and weak fundamentals for the oil and gas industry, says KGI Fraser says in a note.

It says that the company's third quarter earnings came in below expectations and that it doesn't see the company's units securing fresh contracts over the next few years.

Ezion, the provider of specialised vessels to the offshore oil and gas industry, reported a near 39% drop in its net profit for the third quarter as low crude oil prices forced its customers to scale back investments.

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