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
The relatively small scale of the bunker market in the US Gulf coast, compared to Singapore, also makes such a move not worth the associated risks in fuel quality, it said.
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Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
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Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
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