Ezion Holdings, a provider of offshore marine logistics services, on Monday requesting trading suspension as it discusses funding options with its shareholders following a quarterly loss.
Ezion posted a net loss of US$2.57 million for its second quarter ended June 30 compared to a net profit of US$8.14 million a year ago.
Revenue fell nearly 20 percent to S$67.4 million, due to a reduction in charter rates, a drop in the utilisation rate of the group's multi-purpose self-propelled jack-up rigs and jack-up rigs, and further depression in utilisation rate of the group's offshore support vessels.
Ezion said it intends to continue to focus on reviewing all capital expenditure to conserve cashflow and embark on further cost reduction.
The company is in talks with its and the details are yet to be finalised.
"The outcome of the above discussions will very much determine if Ezion will survive the current crisis and emerge stronger than before," the company said in a statement.
Ezion has requested for a trading halt on its shares, which last traded at S$0.197. The company has a market capitalization of about S$408 million.
