Ezion Holdings has warned investors that it expects to record a full-year net loss of about $1bn on the back of huge impairments.
The Singapore-listed company, which owns a fleet of liftboats, said it expects impairment losses in the fourth quarter of about $900m.
“The oversupply of offshore logistics vessels and jack-up rigs has resulted in lower charter rates and depressed the market value of our assets,” it said in a statement.
