Singapore's Ezra Seeks Consent To Amend Terms Of 2018 Notes
SINGAPORE, Oct 18 (Reuters) - Singapore's Ezra Holdings Ltd , one of the city-state's many oilfield service firms hit by a downturn in oil markets, said it was seeking bondholders' consent to amend the terms of S$150 million ($109 million) worth of 2018 notes.
The consent on the 4.875 percent notes was necessary to avoid any potential covenant breaches or default, the company said on Tuesday. The submission comes after Perisai Petroleum Teknologi Berhad, an associate company of Ezra, defaulted on its debt.
Ezra, whose shares have fallen about 56 percent in the past year, said an extraordinary general meeting for bondholders will take place on Nov 9.
Perisai said last week it was in discussions with a financial institution to secure financing that may allow the company to negotiate a mutually acceptable debt restructuring with its creditors.
"In the event that Perisai is not successful in negotiating a favourable outcome with holders of the Perisai notes, Ezra may need to assess its investment in Perisai and the accounting impact arising from this," Ezra said in a statement.
Several firms in the offshore and marine sector, including oil and gas service provider Swissco Holdings Ltd and container ship owner Rickmers Maritime, have recently sought to restructure debt.
Oilfield services firm Swiber Holdings, which initially filed for liquidation, gained court approval this month to place itself under judicial management.
(Reporting by Marius Zaharia; Editing by Shri Navaratnam)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Subsea7 Secures Contract to Service Woodside's Trion
- These Factors Helped Brent Oil Price Break Above $85
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- Gaz System to Acquire Gas Storage Poland
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension