http://businesstimes.com.sg/companies-ma...g-shipyard
Ezra unit wins US$110m contract from Jurong Shipyard
By Mindy Tan tanmindy@sph.com.sg @MindyTanBT
12 Jan 8:06 AM
EZRA Holdings' wholly owned subsidiary London Marine Consultants has been awarded a US$110 million contract by Sembcorp Marine's subsidiary, Jurong Shipyard of Singapore, to supply an external turret mooring system for the Libra field's Extended Well Test Floating Production, Storage and Offloading (FPSO) vessel...
Lower oil price, is the trigger for the holding...
Ezra puts on hold US IPO plan for subsea unit
SINGAPORE (Jan 14): Ezra Holdings ( Financial Dashboard), a Singapore-listed oilfield service company, said on Wednesday it had put on hold a plan to list its subsea services unit in the United States, prompted by unfavourable market conditions.
...
http://www.theedgemarkets.com/sg/article...ubsea-unit
Does it mean a likely cash call by end of the day? Debt level is the most concern, among O&M companies...
(not vested)
Singapore oilfield service firms struggle to refinance debt as oil slides
SINGAPORE (Jan 27): Two Singapore oilfield service firms are finding it tough to refinance debt maturing later this
year as the slump in crude prices has made investors and lenders hesitant, banking sources said.
Ezra Holdings ( Financial Dashboard) has a S$200-million bond due in September while Swiber Holdings (Financial Dashboard) has a S$85-million bond due in June.
Even though the bonds are just five to eight months away from maturity, they are trading as much as 2-2.5 points below par, indicating the concerns around refinancing.
Eugene Cheng, group chief financial officer at Ezra, told Reuters the company has started looking at refinancing.
Ezra hopes to use a mix of internally generated cash flow, asset sales and funds raised through the financial markets to address maturity coming towards the end of the year, he said.
...
http://www.theedgemarkets.com/sg/article...oil-slides
"Swiber to raise S$45.9 million with 1 for 2 rights issue at $0.15 for each right share. Net proceeds estimate to be $45 million.
Last traded price before announcement at 29.5 cts, theoretical ex-rights price ("TERP") of 24.7 cts per share."
See the Swiber Thread.
Observe over the next 6 months, how Ezra/Ezion/Triyards raise funds...
It's a good learning case!
The high net gearing of 115% bites on the earning. High gearing and lower oil price, is a very dangerous combination...
(not vested)
Ezra Holdings' Feb-quarter earnings plunge to US$138,000
SINGAPORE (April 8): Higher administrative and finance costs, lower contributions from associates, and losses from joint ventures left Ezra Holdings ( Financial Dashboard) with earnings of only US$138,000 ($186,488) for the quarter ended Feb 28.
It earned US$19.6 million a year earlier.
Administrative and finance expenses rose 14% and 18% respectively following the consolidation of newly acquired Strategic Marine Entities and EMAS Offshore.
Revenue inched up 1% to US$301.9 million, as increased contributions from its shipbuilding business offset lower contributions from its subsea and vessel-chartering operations.
...
http://www.theedgemarkets.com/sg/article...e-us138000
(31-05-2015, 07:57 AM)greengiraffe Wrote: [ -> ]Ezra is on the brink... 2-for-1 rights and convertible bonds. Strangely there is no pricing being announced in any of the late announcements y'day.
http://infopub.sgx.com/FileOpen/Press%20...eID=354194
Looks the the end of the road is near...
Odd Lots Vested
GG
very bad. Uses rights issue to repay loans and bonds. I think the father does a better job than his son. This is definitely not a company to own. No wonder the price drops to 0.3X.
2 for 1 with no mention of new income/investment
(31-05-2015, 04:39 PM)newborn1000 Wrote: [ -> ]2 for 1 with no mention of new income/investment
I believe its being used to repay their debts.