Singapore’s offshore sector is suffering the same agony being felt by most of the world’s owners of rigs and offshore support vessels (OSVs), if not measurably worse.
Much of the recent media attention has focused on the high-profile troubles of Ezra Holdings, its Emas Chiyoda Subsea, as well as compatriot Swiber.
The March filing for US Chapter 11 bankruptcy protection shows that Singapore’s three large banks, DBS, OCBC and UOB, are collectively exposed to Ezra for $640m in mostly unsecured debt.
