Pity to see one of Singapore’s most progressive operator in the Offshore Marine field bit the dust.
When others were building cheap boats in a booming market, EZRA went for quality and performance.
https://ocean-energyresources.com/2022/01/13/singapore-offshore-vessel-owners-head-for-liquidation/#:~:text=Ezra%20Holdings%20is%20to%20be,management%20and%20liquidate%20the%20group.
PS> I think the person(s) behind EZEA Holding will be back soon. (if not already active in some other ventures)
Are you are serious? If its a windup you got me
Ezra was a total basket case, never met anyone that thought any different including their staff.
Yes they had one nice boat they had no clue how to operate.
( you will notice only Singapore owned banks loaned them money the foreign banks knew better)
Lionel was never up to the job ( selling land in Thailand now) He has zero respect in the industry.
They have burnt DBS for billions and Temasek has burnt another billion in worthless shares which they have a habit of buying just to convince the market the company is a going concern. EZRA nearly went under a few years ago but the gov pumped more cash in to keep it alive (Temasek owns DBS bank)
There reputation was “never completed a job without outside help”.
Did we mention the crooked re listing in Oslo without having provided any staturtory returns for years?
Much bigger debt than the Gov owned papers like to print ( $USD over 2 Billion?) Ezra has/had $30 mil in assets when one company tried to wind it up.
https://www.bondsupermart.com/bsm/article-detail/ezion-lays-out-plan-to-restructure-medium-term-notes-RCMS_206580
Yinson ran away once they found out ezra was a basket case
news about others
Ronnie has quality boats perhaps the best in Singapore, the banks hit him very early, I guess not being Singaporean?
He only sold half the fleet down to pay off all debt and kept the rest
Pang ( PRadiance)has played hardball saying tough, do you have a better deal so I am going with this one.
Swiber was just a ponzi scheme. DIrectors and board passports have been seized a few years ago.
Last handout from DBS was USD60 million for a contract never signed.
Nobody from the bank charged yet…
Name one company in the Offshore business anywhere that hasn’t been in the red, through restructuring, or worse.
I said Ezra built quality boats, while many other Singapore companies built cheap to “maximize profit for the owner families”.
I did NOT say that EZRA as a company were necessarily well run, especially when the market went south.
I know all the companies mentioned in the articles you linked to and more.
I’m also familiar with the people behind them. Some I have known for 30 years, or more, others more recently.
Sure they have all been hammered but EMAS was the poster child for turning several billion dollars into nothing with the help of the Singapore gov so big loss to the tax payer.
In that regard PRM seems to be the survivor?
Speaking of cheap crap, did you ever see Pangs dive boat built in China…
They almost had to tow it here to finish it.
I knew a few involved in the diving side so went on board to have a look, should have been scrapped before the first contract.
Reviving this thread with the latest development:
Long time coming…
It was a ponzi scheme long before that non project
Not a “Ponzi Scheme” but a desperate attempt to save a company that had fallen on hard times because it failed to modernize when times were good.
It was booking jobs for years at cost or under to get the contracts and the bank loans to keep running, once the contracts stopped coming in the ponzi scheme failed.
They got 60 million facilitation loan for that last job from a bank in Singapore for a contract never signed.
(Must of had relatives there)
Swiber did try to keep going, not like the Ezra that went under with almost zero assets yet nearly a billion owing to local banks.