Singapore's KrisEnergy warns debt covenants may come under stress

Swiber Holdings

15/08/2016 03:30

SINGAPORE, Aug 15 (Reuters) - Singapore oil and gas 
exploration firm KrisEnergy Ltd  KRIS.SI  on Sunday said some 
covenants on existing debt agreements could come under stress in 
the near term as weaker oil markets hit revenue. 
    The company said in a statement that it had engaged 
"external parties" to help look for ways to strengthen its 
capital structure as it grapples with the impact of a plunge in 
oil prices. 
    "These measures may entail a form of issuance of equity or 
an equity-linked instrument, a refinancing of our capital 
structure, and/or the divestment or farm-out of assets," said 
the company, which counts rigbuilder Keppel Corp  KPLM.SI  as 
one of its largest shareholders.  
    Its ability to raise financing has been severely curbed, it 
said, while reporting a net loss for its second quarter. 
    Oilfield services firm Swiber Holdings  SWBR.SI  a few weeks 
ago applied to place itself under judicial management, after 
initially filing for liquidation, becoming the largest local 
company to fall victim to the slump in oil prices.  urn:newsml:reuters.com:*:nL4N1AP4A6 
     
 
 (Reporting by Aradhana Aravindan; Editing by Joseph Radford) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
 
Keywords: KRIS ENERGY DEBT/