The company's shares were sold down to 2.6 cents Singapore – the second fresh record low this week after problems with one of its joint ventures, EMAS Chiyoda Subsea, emerged.
The company said in a filing to the Singapore Exchange on Friday that it could possibly write down $170 million due to issues at EMAS. Adding to concerns, Ezra said on Tuesday that it received a statutory demand from a customer for a payment amounting to approximately S$4.4 million that, if not paid up within three weeks, could lead to the company being wound up.
"Debt issues for Ezra have been surfacing to the market and the latest statutory demand creates solvency concerns, fuelling the aggressive selling," said Pan Jingyi, a Singapore-based market strategist at IG.
Ezra could not be reached for comment on the latest movements in its share price.
Latest developments at Ezra reflect the troubles still faced by Singapore's oil and gas sector despite the recent pick up in oil prices. Another company, First Ship Lease Trust, also warned of "significant net loss" for the financial year 2016, citing impairment provisions on vessels and a loss on the disposal of two vessels.