While it continues to seek deployment opportunities, it will also be looking to dispose of these rigs and vessels.For long overdue and disputed receivables, it may terminate the contract and seek to take repossession of those assets if there are opportunities to sell them or redeploy them elsewhere, it added. "In view of the above, the group is in the process of assessing the amount of impairment losses on its assets, such as vessels and trade receivables," it said in its results. "The assessment of the amount of impairment losses on the group's assets is a highly judgemental and complex exercise which is heavily dependent on the market circumstances." Ezion expects to finalise the assessment on the impairment loss before the release of its fourth-quarter results.The group, which has further deployed four liftboats after it last reported second-quarter results, said that it will be focusing on liftboats following a strategic review of its business. - Straits Times Singapore

Source: The Star November 09, 2017 03:56 UTC