Beleaguered offshore marine company KS Energy clarified on Monday that a debt owed to OCBC Bank by its subsidiary KS Drilling was lower than US$230 million (S$314 million), as previously reported.

The Singapore-listed company said the debt to South-east Asia's second-largest lender is "secured by various assets, including KS Drilling's jack-up and land rigs".

The statement also addressed the resignation of Kris Wiluan, KS Energy's former chairman, chief executive and director, who is facing 112 charges for alleged market rigging and false trading.

Wiluan said in the latest statement that his decision to resign "was to allow him to focus on his defence and to not let KS Energy group be distracted or be entangled by his personal problems". He said he supports the board's choice of his son Richard succeeding him as CEO and chairman.

"Like all companies in the offshore and marine sector, KS Energy is facing unprecedented challenges from the devastating impact of Covid-19 on the global economy," the older businessman said. "Richard will work closely with our creditors and business partners to navigate through this crisis," he added.

It was reported last week that OCBC issued letters of demand to the firm and its eight units to pay up outstanding loans of US$230.7 million and $10.3 million, or face legal action, including a possible winding-up.

KS Energy is "seeking legal advice and will engage OCBC to remedy the situation, and to advance the interests of all stakeholders".