Singapore's Ezra plans to sell offshore vessel, posts Q2 loss

Ezra Holdings

15/04/2016 06:06

SINGAPORE, April 15 (Reuters) - Singapore's Ezra Holdings 
Ltd  EZRA.SI , one of the city-state's many oilfield service 
firms hit by a challenging market, plans to sell its stake in a 
floating production, storage and offloading vessel, seeking to 
strengthen its financial position. 
    Ezra and its unit EMAS Offshore  EMASL.OL  said they would 
sell their combined 78.4 percent holding in PV Keez Pte, which 
owns the vessel, to a global infrastructure investment firm. 
    Terms of the deal and the name of the buyer were not 
disclosed. 
    Ezra also said on Friday that it posted a loss of $282.6 
million for its second quarter ended February, compared with a 
profit of $4.7 million a year ago, hurt by a weakness in the 
offshore support sector and asset impairment charges. 
    A near two-year slide in crude oil prices has led to lower 
charter rates and less work for oilfield service companies. 
    Ezra's shares were down 2.8 percent in afternoon trade, 
while the broader market was flat  .STI . 
 
 (Reporting by Aradhana Aravindan; Editing by Edwina Gibbs) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
 
Keywords: EZRA HLDGS SALE/