service rigs

Ezion secures US$1.5 bil refinancing package in final leg of restructuring exercise

SINGAPORE (Feb 7): Offshore & marine group Ezion Holdings says it has secured refinancing totaling to approximately US$1.5 billion ($2 billion) from its six secured lenders, namely: DBS, OCBC, UOB, Maybank, CIMB and Caterpillar Financial.

Group CEO Chew Thiam Keng and his family members have also offered 100 million of their personal shares in total to cement support from the secured lenders.

Seize the day with a beaten-down stock in the midst of sector recovery

SINGAPORE (Jan 16): OCBC Investment Research has upgraded its call on Ezion Holdings from “hold” to “buy” with a fair value estimate of 54 cents.

Although it continues to expect a challenging operating environment for energy equipment and services (E&P) investment companies, the research house is suggesting that longer-term investors “look beyond this” and instead, choose “pick up beaten-down stocks whose negatives have been mostly priced in” such as Ezion.   

Ezion’s 2Q earnings down 31.5% to US$19.8 mil

SINGAPORE (Aug 11): Ezion Holdings saw a 31.5% fall in 2Q earnings to US$19.8 million ($26.6 million) from US$28.9 million a year ago on lower gross profit.

Revenue for the three months ended June decreased by 7% to US$83.7 million from last year, mainly due to service rings that underwent modifications and routine class surveys.

Cost of sales and servicing for the quarter also increased by 12.4% to US$65.9 million due to the deployment of additional service rigs, comprising multi-purpose self-propelled jack-up rigs and jack-up rigs.

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