Shares of Singapore's Ezra Holdings Ltd. fell by a fifth today after it disclosed it had provided guarantees on nearly $900 million in liabilities and loans of Emas Chiyoda Subsea Ltd., an affiliate that filed for U.S. bankruptcy, Reuters reported. Ezra is one of several Singapore offshore and marine services firms that have been hit by a downturn in oil prices in 2014, 2015 and 2016. Singapore banks, which were caught off-guard by the collapse of oilfield services company Swiber Holdings last year, have taken a hit as companies in the sector restructure debt. Ezra said in a statement yesterday that it had guaranteed a substantial portion of liabilities relating to vessels chartered by ECS, amounting to about $400 million. Additionally, it had guaranteed about $500 million in loans owed by ECS to financial institutions. It also said it had substantial contingent liabilities related to certain ECS projects. ECS filed for U.S. bankruptcy earlier this week.
