Ezion suffers $13.7m loss in Q3

Blame lower utilisation rates of its rigs and vessels.

Ezion Holdings sinks into the red after it announced a loss of $13.7m in Q3.

According to its financial statement, revenue fell 20.2% from $79.81m to $63.71m, no thanks to the reduction in charter rates, the drop in the utilisation rate of its rigs, and depression in the utilisation rate of its Offshore Support Vessels (OSV).

Results from operating activities also turned into a loss of $9.64m.

The other operating expenses in Q3 include foreign exchange losses which amounted to approximately US$6.3m mainly due to the strengthening of the SGD against the USD.

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