Ezra's ECS files for US bankruptcy

Ezra may have to take a $170m write-down.

According to a report from 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 demand for its subsea contracting work and tightening credit conditions.

Ezra has said it may have to take a $170 million write-down on the value of its investment in Emas Chiyoda.

Oilfield service firms have been turning to bankruptcy to shed debt and raise cash after years of hunkering down after energy prices tumbled from the recent peak in 2014.

Read the full story here.

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