Ezion seen restructuring over US$1b in debts

Singapore'

MAINBOARD-LISTED Ezion Holdings is expected to table a restructuring plan soon for over US$1 billion in debts so as to ring-fence any new equity as the group ride out what may be the tail-end of a protracted offshore and marine (O&M) downturn.

Observers also pointed to fresh equity being needed to revamp Ezion's erstwhile profitable liftboat-focused business, now facing heat under excess capacity conditions.

Ezion has largely thrived on supplying refurbished and modified liftboats to oil and gas (O&G) clients at what were considered competitive contract rates. The group has managed to stay in the black through…