Malaysian floating production specialist Yinson Holdings’ revived plan to effectively acquire Singaporean offshore vessels player Ezion has been scuppered by the coronavirus pandemic.

White knight Yinson last month reactivated a rescue deal for cash-strapped offshore and marine group Ezion, which had lapsed last October.

The arrangement would have seen Ezion’s US$1.6 billion debt reduced to around one quarter while Yinson would pay US$150 million in exchange for a 63.4% stake in the troubled Singapore contractor.

However, the coronavirus outbreak that has resulted in Singapore closing all non-essential workplaces for four weeks has delayed the application for the proposed scheme of arrangement.