Triyards posts full-year losses of US$162 mil; reports cancellation of two shipbuilding contracts

SINGAPORE (Dec 29): Triyards Holdings, the offshore marine division of Ezra Holdings, sunk into full-year losses of US$162.5 million ($217 million) in FY17 ended Aug given its ability to secure financing for its projects after its parent company filed for bankruptcy in the United States.

See: Ezra Holdings files for US bankruptcy

"Compounded by the effect of extremely tight liquidity in the market and competitive market environment in offshore and marine industry, the Group suffered cost overrun and liquidated damages as a result of significant slowdown in progress of the existing projects," says Triyards in a filing on Friday. The group had reported earnings of $17.8 million in FY16.

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