These were for additional writedowns of US$4-7 million on chartered assets that saw lower dayrates, US$20 million of trade receivables as well as impairments on the deposits of equipment purchased for four rigs that have been delayed.
SINGAPORE (Feb 28): UOB is upgrading Ezion to “buy” with a target price of 45 cents on improved cash flow situation and expectations of an earnings recovery as the risk of impairments has diminished.
Ezion reported a headline net loss of US$66.6 million ($93.6 million) for 4Q16 and US$33.6 million for FY16, taking an impairment charge of US$70.9 million.
