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ozone2002
Supreme
17-Jun-2021 10:46     
 
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 Alert Admin 		Last:0.043  --
now with oil counters in play due to rising Baltic index and higher oil prices
will Ezion be revived?
gd luck dyodd
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boyboy61
Supreme
07-Jun-2021 15:28     
 
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 Alert Admin 		Next to go after KrisEnergy?
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Sweementian
Member
15-Apr-2021 23:28     
 
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 Alert Admin 		Don' t think they have a choice right?

TraderBen      ( Date: 12-Apr-2021 18:55) Posted:

Conversion rate remains at 0.276. Who will want to convert. Think too highly of themselves alrdy.

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TraderBen
Supreme
12-Apr-2021 18:55     
 
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 Alert Admin 		Conversion rate remains at 0.276. Who will want to convert. Think too highly of themselves alrdy.
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choong
Senior
19-Mar-2021 08:47     
 
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 Alert Admin 		Agreed. Suspended so LONG already!

Huatsweeswee      ( Date: 19-Mar-2021 06:59) Posted:

When can resume trading. So many announcement but none is resume trading. Hope can announce soon

Sweementian      ( Date: 18-Mar-2021 23:26) Posted:

ENTRY INTO COOPERATION AGREEMENT FOR TAIPOWER II PROJECT

1. INTRODUCTION The Board of Directors (the &ldquo Directors&rdquo ) of Ezion Holdings Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to the announcement on 7 December 2020 relating to the award of a wind turbine transportation and installation contract to a subsidiary of the Company (the &ldquo Previous Announcement&rdquo ). Unless otherwise defined, all capitalised terms and references used herein shall bear the meanings ascribed to them in the Previous Announcement. The Board is pleased to announce that Teras Offshore Pte Ltd (&rdquo TOPL&rdquo ), a wholly-owned subsidiary of the Company, has entered into a cooperation agreement (the &ldquo Agreement&rdquo ) with 特 瑞 斯 海 事 技 術 服 務 （ 股 ） 公 司 (the &ldquo Foundation Scope Contractor&rdquo ) to provide project management and consultancy services, which is in the ordinary course of business of the Group.

2. BACKGROUND ON CONTRACT PARTY / FOUNDATION SCOPE CONTRACTOR The Foundation Scope Contractor is a company incorporated in the Republic of China (Taiwan) and was incorporated to support the offshore wind market in Taiwan, supporting the Taiwanese Govermnent&rsquo s call to support its obligation towards carbon reduction. The Foundation Scope Contractor has been awarded by Foxwell Energy Corp Ltd, the scope of work pertaining to the procurement, transportation and installation of the subsea foundations, subsea cables and offshore substations (the &ldquo Foundation Scope of Work&rdquo ) for the Taipower II Project. In relation to the above scope of work, the Foundation Scope Contractor would like to engage TOPL to provide engineering expertise, consultancy services and overall project management and administration services (which include procurement, project costing, project management).

3. MATERIAL TERMS OF THE AGREEMENT 2
3.1 Term &ndash The Agreement is for a period from 1 July 2021 until 31 December 2025 or upon TOPL&rsquo s completion of the scope of services to be provided to the Foundation Scope Contractor, whichever earlier, unless mutually agreed or extension.
3.2 Obligations of TOPL &ndash including but not limited to: (a) oversee all tender exercises and procurement, including any sub-contractors (b) plan and execute an optimal project schedule with the various sub-contractors (c) maintain lead and coordinate all project and operations planning (d) technical and commercial evaluation (e) project costing and budgeting, cost control and optimisation, monitoring and reporting, cost-benefit analysis (f) general project management including overseeing project documentation and administration and (g) overseeing project compliance to the main Taipower II Project requirements.
3.3 Payment Terms &ndash TOPL will invoice the Foundation Scope Contractor monthly for the total service fees accumulated during the month, and payment terms are 30 days. The overall service fee that has been budgeted by the Foundation Scope Contractor for TOPL&rsquo s services under the Agreement is up to USD 20,000,000. TOPL is entitled to resubmit a revised cost budget to the Foundation Scope Contractor during the period of the Agreement should the prevailing market conditions change or the scope of work under the Agreement be varied.
3.4 Governing Law &ndash The Agreement is governed by Taiwanese Law.
3.5 Definitive service agreement &ndash The Agreement is intended to form a general framework towards conclusion of a definitive service agreement incorporating the terms of the Agreement. Parties are to use reasonable efforts to finalise documentation to reflect the commercial intent set out in the Agreement.

4. FINANCIAL IMPACT OF THE AGREEMENT The Agreement is not expected to have a material impact on the Group&rsquo s earnings per share or net tangible assets per share for the financial year ending 31st December 2021. 3 5. FURTHER ANNOUNCEMENTS The Company will make the necessary announcements when there are further developments on the above mentioned transaction. 6. INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDERS Save for their respective interests arising by way of their directorships and/or shareholdings in the Company, none of the Directors, controlling shareholders or their associates have any interest, direct or indirect, in the Foundation Scope Contractor and/or the Agreement.
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Huatsweeswee
Master
19-Mar-2021 06:59     
 
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 Alert Admin 		When can resume trading. So many announcement but none is resume trading. Hope can announce soon

Sweementian      ( Date: 18-Mar-2021 23:26) Posted:

ENTRY INTO COOPERATION AGREEMENT FOR TAIPOWER II PROJECT

1. INTRODUCTION The Board of Directors (the &ldquo Directors&rdquo ) of Ezion Holdings Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to the announcement on 7 December 2020 relating to the award of a wind turbine transportation and installation contract to a subsidiary of the Company (the &ldquo Previous Announcement&rdquo ). Unless otherwise defined, all capitalised terms and references used herein shall bear the meanings ascribed to them in the Previous Announcement. The Board is pleased to announce that Teras Offshore Pte Ltd (&rdquo TOPL&rdquo ), a wholly-owned subsidiary of the Company, has entered into a cooperation agreement (the &ldquo Agreement&rdquo ) with 特 瑞 斯 海 事 技 術 服 務 （ 股 ） 公 司 (the &ldquo Foundation Scope Contractor&rdquo ) to provide project management and consultancy services, which is in the ordinary course of business of the Group.

2. BACKGROUND ON CONTRACT PARTY / FOUNDATION SCOPE CONTRACTOR The Foundation Scope Contractor is a company incorporated in the Republic of China (Taiwan) and was incorporated to support the offshore wind market in Taiwan, supporting the Taiwanese Govermnent&rsquo s call to support its obligation towards carbon reduction. The Foundation Scope Contractor has been awarded by Foxwell Energy Corp Ltd, the scope of work pertaining to the procurement, transportation and installation of the subsea foundations, subsea cables and offshore substations (the &ldquo Foundation Scope of Work&rdquo ) for the Taipower II Project. In relation to the above scope of work, the Foundation Scope Contractor would like to engage TOPL to provide engineering expertise, consultancy services and overall project management and administration services (which include procurement, project costing, project management).

3. MATERIAL TERMS OF THE AGREEMENT 2
3.1 Term &ndash The Agreement is for a period from 1 July 2021 until 31 December 2025 or upon TOPL&rsquo s completion of the scope of services to be provided to the Foundation Scope Contractor, whichever earlier, unless mutually agreed or extension.
3.2 Obligations of TOPL &ndash including but not limited to: (a) oversee all tender exercises and procurement, including any sub-contractors (b) plan and execute an optimal project schedule with the various sub-contractors (c) maintain lead and coordinate all project and operations planning (d) technical and commercial evaluation (e) project costing and budgeting, cost control and optimisation, monitoring and reporting, cost-benefit analysis (f) general project management including overseeing project documentation and administration and (g) overseeing project compliance to the main Taipower II Project requirements.
3.3 Payment Terms &ndash TOPL will invoice the Foundation Scope Contractor monthly for the total service fees accumulated during the month, and payment terms are 30 days. The overall service fee that has been budgeted by the Foundation Scope Contractor for TOPL&rsquo s services under the Agreement is up to USD 20,000,000. TOPL is entitled to resubmit a revised cost budget to the Foundation Scope Contractor during the period of the Agreement should the prevailing market conditions change or the scope of work under the Agreement be varied.
3.4 Governing Law &ndash The Agreement is governed by Taiwanese Law.
3.5 Definitive service agreement &ndash The Agreement is intended to form a general framework towards conclusion of a definitive service agreement incorporating the terms of the Agreement. Parties are to use reasonable efforts to finalise documentation to reflect the commercial intent set out in the Agreement.

4. FINANCIAL IMPACT OF THE AGREEMENT The Agreement is not expected to have a material impact on the Group&rsquo s earnings per share or net tangible assets per share for the financial year ending 31st December 2021. 3 5. FURTHER ANNOUNCEMENTS The Company will make the necessary announcements when there are further developments on the above mentioned transaction. 6. INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDERS Save for their respective interests arising by way of their directorships and/or shareholdings in the Company, none of the Directors, controlling shareholders or their associates have any interest, direct or indirect, in the Foundation Scope Contractor and/or the Agreement.
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Sweementian
Member
18-Mar-2021 23:26     
 
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 Alert Admin 		ENTRY INTO COOPERATION AGREEMENT FOR TAIPOWER II PROJECT

1. INTRODUCTION The Board of Directors (the &ldquo Directors&rdquo ) of Ezion Holdings Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to the announcement on 7 December 2020 relating to the award of a wind turbine transportation and installation contract to a subsidiary of the Company (the &ldquo Previous Announcement&rdquo ). Unless otherwise defined, all capitalised terms and references used herein shall bear the meanings ascribed to them in the Previous Announcement. The Board is pleased to announce that Teras Offshore Pte Ltd (&rdquo TOPL&rdquo ), a wholly-owned subsidiary of the Company, has entered into a cooperation agreement (the &ldquo Agreement&rdquo ) with 特 瑞 斯 海 事 技 術 服 務 （ 股 ） 公 司 (the &ldquo Foundation Scope Contractor&rdquo ) to provide project management and consultancy services, which is in the ordinary course of business of the Group.

2. BACKGROUND ON CONTRACT PARTY / FOUNDATION SCOPE CONTRACTOR The Foundation Scope Contractor is a company incorporated in the Republic of China (Taiwan) and was incorporated to support the offshore wind market in Taiwan, supporting the Taiwanese Govermnent&rsquo s call to support its obligation towards carbon reduction. The Foundation Scope Contractor has been awarded by Foxwell Energy Corp Ltd, the scope of work pertaining to the procurement, transportation and installation of the subsea foundations, subsea cables and offshore substations (the &ldquo Foundation Scope of Work&rdquo ) for the Taipower II Project. In relation to the above scope of work, the Foundation Scope Contractor would like to engage TOPL to provide engineering expertise, consultancy services and overall project management and administration services (which include procurement, project costing, project management).

3. MATERIAL TERMS OF THE AGREEMENT 2
3.1 Term &ndash The Agreement is for a period from 1 July 2021 until 31 December 2025 or upon TOPL&rsquo s completion of the scope of services to be provided to the Foundation Scope Contractor, whichever earlier, unless mutually agreed or extension.
3.2 Obligations of TOPL &ndash including but not limited to: (a) oversee all tender exercises and procurement, including any sub-contractors (b) plan and execute an optimal project schedule with the various sub-contractors (c) maintain lead and coordinate all project and operations planning (d) technical and commercial evaluation (e) project costing and budgeting, cost control and optimisation, monitoring and reporting, cost-benefit analysis (f) general project management including overseeing project documentation and administration and (g) overseeing project compliance to the main Taipower II Project requirements.
3.3 Payment Terms &ndash TOPL will invoice the Foundation Scope Contractor monthly for the total service fees accumulated during the month, and payment terms are 30 days. The overall service fee that has been budgeted by the Foundation Scope Contractor for TOPL&rsquo s services under the Agreement is up to USD 20,000,000. TOPL is entitled to resubmit a revised cost budget to the Foundation Scope Contractor during the period of the Agreement should the prevailing market conditions change or the scope of work under the Agreement be varied.
3.4 Governing Law &ndash The Agreement is governed by Taiwanese Law.
3.5 Definitive service agreement &ndash The Agreement is intended to form a general framework towards conclusion of a definitive service agreement incorporating the terms of the Agreement. Parties are to use reasonable efforts to finalise documentation to reflect the commercial intent set out in the Agreement.

4. FINANCIAL IMPACT OF THE AGREEMENT The Agreement is not expected to have a material impact on the Group&rsquo s earnings per share or net tangible assets per share for the financial year ending 31st December 2021. 3 5. FURTHER ANNOUNCEMENTS The Company will make the necessary announcements when there are further developments on the above mentioned transaction. 6. INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDERS Save for their respective interests arising by way of their directorships and/or shareholdings in the Company, none of the Directors, controlling shareholders or their associates have any interest, direct or indirect, in the Foundation Scope Contractor and/or the Agreement.
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Newlearner
Veteran
08-Mar-2021 23:50     
 
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 Alert Admin 		Liftboat are in demand especially in shallow water drilling and windfarm.... Many investors/ companies waiting to buy their assets cheaply, rather than saving their " expensive debts from expensive assets"   accumulated during the last oil boom.....

Sweementian      ( Date: 08-Mar-2021 21:30) Posted:


Again!!

Disposal Of Vessel

BackMar 05, 2021
Announcement Title Asset Acquisitions and Disposals
Date & Time of Broadcast Mar 5, 2021 17:15
Status New
Announcement Sub Title DISPOSAL OF VESSEL
Announcement Reference SG210305OTHRXLR0
Submitted By (Co./ Ind. Name) Paul Goon
Designation Company Secretary
Description (Please provide a detailed description of the event in the box below) Please see attached.

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Sweementian
Member
08-Mar-2021 21:30     
 
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 Alert Admin
Again!!

Disposal Of Vessel

BackMar 05, 2021
Announcement Title Asset Acquisitions and Disposals
Date & Time of Broadcast Mar 5, 2021 17:15
Status New
Announcement Sub Title DISPOSAL OF VESSEL
Announcement Reference SG210305OTHRXLR0
Submitted By (Co./ Ind. Name) Paul Goon
Designation Company Secretary
Description (Please provide a detailed description of the event in the box below) Please see attached.
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SAVIORFOREVER
Supreme
09-Feb-2021 08:50     
 
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 Alert Admin 		Take bonus and retire.



Trade with a goner and DYODD

Sweementian      ( Date: 05-Feb-2021 16:18) Posted:

So what is next? 

Joelton      ( Date: 30-Jan-2021 15:01) Posted:

Ezion to sell liftboat for US$13m gain on disposal is US$650k
 
EZION Holdings on Friday said it will sell the Teras Conquest 7 liftboat for a cash consideration of US$13 million.
 
The gain on disposal for the transaction for the nine-month period from Jan 1, 2020 to Sept 30, 2020 is US$650,000 after accounting for transaction costs.
 
Based on Ezion' s financial statements for the third fiscal quarter of FY 2020 ended September, the net book value of the vessel stood at US$12.3 million. The excess of the consideration over the book value of the vessel is US$700,000.
 
Using the same set of financial statements, the company added that the net losses generated for the nine-month period of its fiscal year ended September was US$37.2 million.
 
Ezion said its wholly-owned subsidiary Teras Conquest 7 had entered into a memorandum of agreement (MOA) with Elite Point - a Singapore-incorporated firm that is in the business of chartering ships, barges and boats with crew. The MOA was executed by the Singapore branch of CIMB Bank Berhad.
 
The consideration was arrived at after arm' s length negotiations after taking into account several factors including the market price of vessels with similar specification and age, the values of the vessel and its existing charter contract, as well as its operating history and present and future burn rates.
 
As part of the transaction, Elite Point will place a deposit US$650,000 into a bank account with an escrow agent within three banking days after the date of execution of the MOA and the escrow agreement. Elite Point will transfer the balance of the consideration into the same account within seven banking days after Teras Conquest 7 provides notice of the date of which it intends to tender the notice of readiness for delivery of the vessel. Any balance will be transferred to the seller upon delivery of the vessel.
 
Ezion said the disposal will allow the group to immediately reduce its outstanding liabilities via the partial repayment of secured bank loans.
 
The company said the amount received from the disposal will be utilised to repay the secured bank loan of the group. The mortgages of the vessel will also be discharged pursuant to the disposal.
 
The disposal will not have any impact on the issued and paid-up share capital of Ezion.
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Sweementian
Member
05-Feb-2021 16:18     
 
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 Alert Admin 		So what is next? 

Joelton      ( Date: 30-Jan-2021 15:01) Posted:

Ezion to sell liftboat for US$13m gain on disposal is US$650k
 
EZION Holdings on Friday said it will sell the Teras Conquest 7 liftboat for a cash consideration of US$13 million.
 
The gain on disposal for the transaction for the nine-month period from Jan 1, 2020 to Sept 30, 2020 is US$650,000 after accounting for transaction costs.
 
Based on Ezion' s financial statements for the third fiscal quarter of FY 2020 ended September, the net book value of the vessel stood at US$12.3 million. The excess of the consideration over the book value of the vessel is US$700,000.
 
Using the same set of financial statements, the company added that the net losses generated for the nine-month period of its fiscal year ended September was US$37.2 million.
 
Ezion said its wholly-owned subsidiary Teras Conquest 7 had entered into a memorandum of agreement (MOA) with Elite Point - a Singapore-incorporated firm that is in the business of chartering ships, barges and boats with crew. The MOA was executed by the Singapore branch of CIMB Bank Berhad.
 
The consideration was arrived at after arm' s length negotiations after taking into account several factors including the market price of vessels with similar specification and age, the values of the vessel and its existing charter contract, as well as its operating history and present and future burn rates.
 
As part of the transaction, Elite Point will place a deposit US$650,000 into a bank account with an escrow agent within three banking days after the date of execution of the MOA and the escrow agreement. Elite Point will transfer the balance of the consideration into the same account within seven banking days after Teras Conquest 7 provides notice of the date of which it intends to tender the notice of readiness for delivery of the vessel. Any balance will be transferred to the seller upon delivery of the vessel.
 
Ezion said the disposal will allow the group to immediately reduce its outstanding liabilities via the partial repayment of secured bank loans.
 
The company said the amount received from the disposal will be utilised to repay the secured bank loan of the group. The mortgages of the vessel will also be discharged pursuant to the disposal.
 
The disposal will not have any impact on the issued and paid-up share capital of Ezion.
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Joelton
Supreme
30-Jan-2021 15:01     
 
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Ezion to sell liftboat for US$13m gain on disposal is US$650k
 
EZION Holdings on Friday said it will sell the Teras Conquest 7 liftboat for a cash consideration of US$13 million.
 
The gain on disposal for the transaction for the nine-month period from Jan 1, 2020 to Sept 30, 2020 is US$650,000 after accounting for transaction costs.
 
Based on Ezion' s financial statements for the third fiscal quarter of FY 2020 ended September, the net book value of the vessel stood at US$12.3 million. The excess of the consideration over the book value of the vessel is US$700,000.
 
Using the same set of financial statements, the company added that the net losses generated for the nine-month period of its fiscal year ended September was US$37.2 million.
 
Ezion said its wholly-owned subsidiary Teras Conquest 7 had entered into a memorandum of agreement (MOA) with Elite Point - a Singapore-incorporated firm that is in the business of chartering ships, barges and boats with crew. The MOA was executed by the Singapore branch of CIMB Bank Berhad.
 
The consideration was arrived at after arm' s length negotiations after taking into account several factors including the market price of vessels with similar specification and age, the values of the vessel and its existing charter contract, as well as its operating history and present and future burn rates.
 
As part of the transaction, Elite Point will place a deposit US$650,000 into a bank account with an escrow agent within three banking days after the date of execution of the MOA and the escrow agreement. Elite Point will transfer the balance of the consideration into the same account within seven banking days after Teras Conquest 7 provides notice of the date of which it intends to tender the notice of readiness for delivery of the vessel. Any balance will be transferred to the seller upon delivery of the vessel.
 
Ezion said the disposal will allow the group to immediately reduce its outstanding liabilities via the partial repayment of secured bank loans.
 
The company said the amount received from the disposal will be utilised to repay the secured bank loan of the group. The mortgages of the vessel will also be discharged pursuant to the disposal.
 
The disposal will not have any impact on the issued and paid-up share capital of Ezion.
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honesty
Master
05-Jan-2021 15:22     
 
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 Alert Admin 		all oil and energy firms should throw away their independence ego and consolidate, eg pacific radiance, ezion and falcon to create a big conglomerate to assure the banks and financiers. Hope they can think well to HUAT eventually

breadwinner      ( Date: 05-Jan-2021 15:18) Posted:

Confirm gone case ? 😭 😭

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breadwinner
Member
05-Jan-2021 15:18     
 
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 Alert Admin 		Confirm gone case ? 😭 😭
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Starship
Supreme
30-Dec-2020 10:26     
 
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SAVIORFOREVER      ( Date: 30-Dec-2020 09:42) Posted:

All gone.



Trade with no return and DYODD

Joelton      ( Date: 30-Dec-2020 09:18) Posted:

Mortgaged Ezion vessel sold for $29.2 mil to repay bank loans
Ezion Holdings&rsquo wholly owned subsidiary Teras Fortress 2 (TF2PL) has disposed of a liftboat to Virgo Shipping for a cash consideration of US$22 million ($29.2 million).
Virgo Shipping is mainly involved in the business of chartering of ships and vessels to support the marine and offshore oil and gas industry.
The disposal was carried out by DBS Bank as attorney-in-fact of TF2PL given that the bank is the mortgagee under a mortgage of the vessel.
Ezion says the mortgage over the liftboat will be discharged following the disposal, adding that the cash consideration will be utilised to repay the secured bank loans.
The company also says the disposal is estimated to generate a net gain of US$325,000.
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SAVIORFOREVER
Supreme
30-Dec-2020 09:42     
 
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 Alert Admin 		All gone.



Trade with no return and DYODD

Joelton      ( Date: 30-Dec-2020 09:18) Posted:

Mortgaged Ezion vessel sold for $29.2 mil to repay bank loans
Ezion Holdings&rsquo wholly owned subsidiary Teras Fortress 2 (TF2PL) has disposed of a liftboat to Virgo Shipping for a cash consideration of US$22 million ($29.2 million).
Virgo Shipping is mainly involved in the business of chartering of ships and vessels to support the marine and offshore oil and gas industry.
The disposal was carried out by DBS Bank as attorney-in-fact of TF2PL given that the bank is the mortgagee under a mortgage of the vessel.
Ezion says the mortgage over the liftboat will be discharged following the disposal, adding that the cash consideration will be utilised to repay the secured bank loans.
The company also says the disposal is estimated to generate a net gain of US$325,000.
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Joelton
Supreme
30-Dec-2020 09:18     
 
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 Alert Admin
Mortgaged Ezion vessel sold for $29.2 mil to repay bank loans
Ezion Holdings&rsquo wholly owned subsidiary Teras Fortress 2 (TF2PL) has disposed of a liftboat to Virgo Shipping for a cash consideration of US$22 million ($29.2 million).
Virgo Shipping is mainly involved in the business of chartering of ships and vessels to support the marine and offshore oil and gas industry.
The disposal was carried out by DBS Bank as attorney-in-fact of TF2PL given that the bank is the mortgagee under a mortgage of the vessel.
Ezion says the mortgage over the liftboat will be discharged following the disposal, adding that the cash consideration will be utilised to repay the secured bank loans.
The company also says the disposal is estimated to generate a net gain of US$325,000.
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SAVIORFOREVER
Supreme
29-Dec-2020 14:05     
 
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 Alert Admin 		Shareholders get nothing.
Wonder if CEO still get bonus?



Trade with ? and DYODD
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Joelton
Supreme
25-Dec-2020 11:50     
 
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 Alert Admin
Ezion Holdings Q3 loss widens to US$224.5m
EZION Holdings posted a net loss of US$224.5 million for the third quarter ended Sept 30, widening from a net loss of US$71 million a year ago.
 
The struggling offshore and marine player' s revenue shrank 79 per cent to US$5.2 million from US$24.7 million in the corresponding quarter of the previous year. Loss per share increased to 5.98 US cents from 1.91 US cents.
 
Ezion Holdings attributed the revenue drop to a decrease in the units owned, utilised and chartered for its jack-up rigs, and a decrease in utilisation rates for its liftboats. It has been unable to re-deploy its assets because of the Covid-19 pandemic and the plunge in oil prices, both of which have impacted demand for its vessels and rigs, the group said.
 
In addition, the group' s secured lenders have indicated that they would prefer for the group to focus on vessel management with an asset-light structure, and divest its vessels. The updated impairment assessment in Q3 2020 resulted in the recognition of net impairment losses of US$214.4 million.
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Starship
Supreme
25-Dec-2020 11:00     
 
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 Alert Admin 		Ezion Holdings Q3 loss widens to US$224.5m
THU, DEC 24, 2020 - 2:26 PM

EZION Holdings posted a net loss of US$224.5 million for the third quarter ended Sept 30, widening from a net loss of US$71 million a year ago.

The struggling offshore and marine player' s revenue shrank 79 per cent to US$5.2 million from US$24.7 million in the corresponding quarter of the previous year. Loss per share increased to 5.98 US cents from 1.91 US cents.

Ezion Holdings attributed the revenue drop to a decrease in the units owned, utilised and chartered for its jack-up rigs, and a decrease in utilisation rates for its liftboats. It has been unable to re-deploy its assets because of the Covid-19 pandemic and the plunge in oil prices, both of which have impacted demand for its vessels and rigs, the group said.

In addition, the group' s secured lenders have indicated that they would prefer for the group to focus on vessel management with an asset-light structure, and divest its vessels. The updated impairment assessment in Q3 2020 resulted in the recognition of net impairment losses of US$214.4 million.

For the nine months ended Sept 30, net loss was US$462.6 million, increasing by 3.3 per cent from US$447.8 million in the previous year.

Revenue decreased by 68.7 per cent to US$24.1 million, and loss per share was 12.36 US cents, compared to loss per share of 12.02 US cents in the first nine months of the previous year.

Ezion Holdings said its ability to maintain as a going concern is highly dependent upon the successful restructuring of its business and capital structure to focus on vessel management and operating services with an asset light structure, as well as the continued support of the group' s lenders to support a potential restructuring plan that would involve a debt to equity conversion of outstanding loans after the group disposes of its assets.

The Covid-19 pandemic' s impact on the marine and offshore oil and gas sector and travel restrictions has caused delays in projects and maintenance programmes and hampered Ezion Holdings' efforts to obtain new business streams.

The group added: " The global slowdown in the industry will further impact the group' s future utilisation and charter rates, and impede the transition of the group into a vessel and project management company."

https://www.businesstimes.com.sg/companies-markets/ezion-holdings-q3-loss-widens-to-us2245m

 
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