Bears crowd Ezra as Swiber's woes signal oil industry risks

Singapore

BEARISH bets on offshore marine services provider Ezra Holdings jumped close to the highest in a year as the failure of smaller rival Swiber Holdings heightened concerns for the financial health of companies in the oil industry.

Shares of Singapore-based Ezra plunged to the lowest level on Monday after Swiber said last week that it filed a winding up petition as the collapse in crude prices led to a slump in its offshore oil and gas businesses. Swiber dropped the liquidation plan late on July 29, and said it plans to restructure and operate under judicial management.