Second Singapore Dollar Bond Default by Oil & Gas Firm
Kuala Lumpur listed offshore services firm Perisai Petroleum Teknologi and its bond holders are struggling to reach an agreement of $125 million worth of notes due for maturity. Singapore listed Ezra holdings could find itself in trouble as it has 22.5% stake in Perisai. The firm are linked through a US$43 million put option.
“Kuala Lumpur listed offshore services firm Perisai Petroleum Teknologi and its bond holders are struggling to reach an agreement of $125 million worth of notes due for maturity.”
A crowd of housewives, former traders and entrepreneurs had gathered outside the trustee’s office to deliver a demand for immediate payment on the notes issued by shipping trust Rickmers Maritime. Three defaults in the past year and at least seven restructuring proposals have shaken Singapore’s reputation as an Asian finance hub.
Related Reports: Bloomberg
About Perisai Petroleum Teknologi
The Perisai Group today owns a fleet of strategic oil & gas vessels and facilities supporting the exploration, development and production phases of offshore oil & gas fields both in and out of Malaysia. The Production and Drilling segments form our core business and focus. Perisai entered the FPSO business segment in 2013 through the successful acquisition of equity interests in companies owning and operating a FPSO. The FPSO, Perisai Kamelia which is currently contracted to Hess for a firm period of three (3) years successfully commenced its operations in November 2013.
Visit: Perisai Petroleum Teknologi
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