Ezion Holdings is calling it quits after failing to enlist the help of a white knight.

The struggling Singaporean offshore player said on Thursday that liquidation was the best option as it was unable to pay its debts.

After a rescue plan involving Malaysia's Yinson Holdings lapsed in September 2020, Ezion Holdings said it had started a good-faith restructuring exercise via vessel disposals and discussions with potential investors to recapitalise.