SINGAPORE: The Singapore oil and gas index fell more than 1 per cent in early trade after oilfield services firm Ezra Holdings filed for bankruptcy protection in the United States, adding to concerns over the health of the debt-ridden sector.
Ezra is one of several Singapore offshore and marine services firms that have been hurt by a downturn in oil prices since 2014. It filed for U.S. Chapter 11 bankruptcy on Saturday (Mar 17).
The company said it had loans of US$272 million (S$380.8 million) owed to Singapore lender DBS Group and US$184 million owed to Oversea-Chinese Banking Corp.
The FTSE ST oil and gas index fell as much as 1.4 per cent, while the broader market was down 0.2 per cent. Ezra shares were suspended from trading on Monday.
DBS shares were down 0.6 per cent, while OCBC was 0.7 per cent lower.