Ezra Holdings says it may have to take a $170m writedown on its stake in subsea services joint venture EMAS Chiyoda Subsea Ltd (ECS).

“The board wishes to clarify that the company is assessing the impact of the writedown and anticipated downgrade of investments in ECS and subsidiaries and loans extended to it by its joint venture partners, Chiyoda Corp and NYK,” Ezra said in a regulatory filing.

“The