Ezra to cut jobs, boost focus on west Africa
Singapore
JOB cuts and other cost reductions are on the horizon for offshore services provider Ezra Holdings, which said on Wednesday that it is also in talks regarding various equity fundraising options in lieu of refinancing its debt.
Charter rates for some vessels have fallen by as much as 20-25 per cent owing to the oil slump, group chief executive Lionel Lee said though he said Ezra does not expect to do any writedowns on the value of its vessels. He added that to get more of its fleet chartered out, the company is eyeing long-term contracts in west Africa. Ezra's backlog stands at about US$2.3 billion and it is bidding for about US$10 billion worth of contracts in total right now, he noted.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama