Singapore: Temasek subsidiary extends lifeline to Ezion Holdings
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Singapore-based private equity investment firm Pavilion Capital Fund Holdings, a subsidiary of Temasek Holdings, is planning to subscribe up to SGD $50 million ($38 million) worth of shares from Singapore oil & gas player Ezion Holdings.
The money will be used mainly for business expansion and the pursuit of new business opportunities, joint ventures or partnerships with various strategic industry partners and for working capital purposes, said Ezion Holdings on Friday (6 April).
The company reported net loss of $1.02 billion for the financial year ended 31 December 2017 (FY 2017).
Its revenue for FY 2017 decreased by $125.1 million (39.3%) to $193.1 million as compared to FY 2016. The decrease in revenue was mainly due to a variety of factors including drop in utilisation rate of jack-up rigs and its offshore support vessels, and an overall reduction in charter rates.
Related: Ezion Holdings says $1 billion loss ‘likely’
Photo credit: Quadrise
Published: 10 April, 2018
