March 28 (Reuters) - Ocean RIG UDW Inc, a Cyprus-based rig contractor, filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of Ocean Rig plunged 61 percent to 27 cents in morning trading on Tuesday. The company had $3.25 billion in debt as of Dec. 31, according to its latest annual filing. Ocean Rig said … [Read more...]
Singapore Efficiency Even Extends to Its Bankruptcy Laws
By Christopher Langner (Bloomberg Gadfly) -- When it comes to matters legal or bureaucratic, Singapore is swift to act. Bankruptcy, sometimes, can be even faster. Ezra Holdings Ltd., a Singapore publicly traded oil services group, and two of its affiliates, Ezra Marine Services Pte and EMAS IT Solutions Pte, filed for Chapter 11 protection over the weekend in a U.S. … [Read more...]
Ezra Bankruptcy Adds to Singapore’s Sorry Offshore Marine Story
By Aradhana Aravindan and Anshuman Daga SINGAPORE, March 20 (Reuters) - Oilfield services provider Ezra Holdings Ltd's decision to file for U.S. bankruptcy protection gave investors another cause for concern on Monday as its downfall added to troubles in Singapore's offshore marine sector. Ezra is one of several marine firms hit by a downturn in oil prices since 2014 that … [Read more...]
Bankrupt: Singapore’s Ezra Holdings Files Chapter 11
by Tom Hals (Bloomberg) Oilfield services firm Ezra Holdings Ltd (EZRA.SI) of Singapore filed for U.S. Chapter 11 bankruptcy on Saturday, blaming a prolonged slump in the energy industry. The company had been trying to restructure and said in February it faced a "going concern issue" if it did achieve a favorable outcome. Ezra is one of several Singapore offshore and … [Read more...]
Shipping Can and Must Prevent Another Bankruptcy, FMC Chief Warns
By Gavin van Marle in Long Beach (The Loadstar) - The entire shipping industry – carriers and their customers and suppliers – need to come together to ensure that the supply chain disruption caused by the Hanjin bankruptcy never happens again, said Federal Maritime Commissioner William Doyle this week. “This [the response to Hanjin’s bankruptcy] could have been done … [Read more...]
Ezra Affiliate, Emas Chiyoda Subsea, Files for U.S. Bankruptcy
By Tom Hals Feb 28 (Reuters) - A subsea and offshore contractor affiliate of Ezra Holdings Ltd, a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil-and-gas industry. The affiliate, Emas Chiyoda Subsea Ltd, said in court papers filed in Houston that the company was suffering from weak … [Read more...]
Ship Operator Toisa Files for Bankruptcy
By Tom Hals WILMINGTON, Del., Jan 30 (Reuters) - Shipping company Toisa Ltd filed for U.S. Chapter 11 bankruptcy as falling demand for the Bermuda-chartered company's oil-and-gas supply vessels left it running short of cash, according to court documents. Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oil service vessels, … [Read more...]