EMAS Chiyoda Subsea’s business affiliates are also on watch, with Singapore’s largest bank, DBS Group Holdings, among its top creditors with a $84.6 million exposure, according to the filing.
Norway’s DNB Bank also has a $14.6 million claim, and Oversea-Chinese Banking Corp (OCBC) has $13.1 million.
“We have been stress testing this sector since the third quarter of 2015, and in the process identified a list of customers that could be negatively impacted,” said Koh Ching Ching, head of group corporate communications at OCBC.
The bank said it has created specific provisions and additional general provisions for potential further deterioration in its oil & gas portfolio.
“We have proactively reviewed several related accounts for close monitoring, and assisted customers to reschedule and restructure their loans.”
A DBS representative told CNBC: “Liquidity pressures on EMAS Chiyoda became evident towards the end of last year. After extensive reviews with various stakeholders, we agreed that a Chapter 11 filing was the best way to ensure an orderly restructuring of the company. Our exposures (majority secured) were moved to non performing in the fourth quarter, and suitable provisions made.”
Other major creditors are reported to include London Marine Consultants, Bibby Offshore, Standard Chartered Bank, Keppel Shipyard, Technip and Gulfmark, according to the trade publication Splash.
Woes in the oil and gas sector dominated discussions earlier this month when the three largest banks in Singapore released their earnings reports.
The three banks were all hit by financial problems faced by their clients in the sector, and set aside combined billions of Singapore dollars for bad loans coming from the industry.
“The Company will continue to engage and work closely with all creditors to achieve the best possible consensual restructuring outcome for all interested parties,” ECS said.
The three banks are also the principal bankers for Ezra.