SINGAPORE (Sept 14): Singapore's Marco Polo, a marine logistics firm that counts oil and gas firms as clients, wants bond holders' nod to defer payment of notes worth US$37 million, the latest oil-related firm in the city-state to show financial strain from crude's drop. The offshore and marine sector in Singapore has been pummelled as clients have cut spending due to oil's slump. In July, oilfield services firm Swiber Holdings applied to place itself under judicial management, after initially filing for liquidation. As of June 30, Marco Polo Marine, which charters tugboats and barges to customers in the offshore oil and gas and commodities sectors, had S$186.5 million worth of borrowings and debt securities repayable within a year or on demand. Shares of Marco Polo, which has a market capitalisation of S$29 million, have lost nearly 60% so far this year.

Source: The Edge Markets September 14, 2016 07:30 UTC