Triyards Holdings, the troubled shipyard unit of Ezra Holdings, confirmed the cancellation of two shipbuilding contracts worth $51m, which will no doubt exacerbate its already precarious financial position as it turned to a $162.5m full-year FY2017 net loss from a $17.8m profit in the previous corresponding period.
Engineering and fabrication shipyard Triyards Holdings has made a $53.38m allowance for impairment charges for the nine months ended 31 May for its financial year 2017, due to reassessment of certain assets value and its exposure to its bankrupt ultimate holding company Ezra Holdings.
A subsidiary of EMAS Offshore Limited (EOL), owned by bankrupt Ezra Holdings, is facing a winding up threat after it received a statutory demand from China’s ICBC Financial Leasing for the payment of around $195.02m relating to the termination of a bareboat charter.
Triyards Holdings announced that it has clinched new contracts in April worth $32.9m to fabricate seven tugboats and one crew boat, as it also reported a first half net loss compared to the profit in the year-ago period.
Embattled Ezra Holdings woes continue to mount with another claim related to EMAS Chiyoda Subsea (ECS) for $4.45m and liability for two bareboat charters by EMAS Offshore Ltd (EOL) that have been cancelled.
Singapore’s Ezra Holdings has been hit by a hefty claim amounting to $194.5m relating to Ezra acting as guarantor for its subsidiary EMAS Offshore Limited (EOL) under a sale and leaseback arrangement over a pipe-lay vessel with China’s ICBC Financial Leasing Co.