Ezra Looks to Dispose of FPSO Lewek EMAS

Photo: EMAS

Singapore-listed offshore contractor, Ezra, and EMAS Offshore Production Service, a wholly-owned subsidiary of EMAS Offshore, have accepted a non-binding letter of intent (LOI) to sell at least their current combined 78,4 per cent in PV Keez to a global infrastructure investment firm.

PV Keez is a single purpose company that owns the FPSO Lewek EMAS, which is chartered to Premier Oil Vietnam Offshore BV (POVO) as operator of the Chim Sao field offshore southern Vietnam.

Ezra and EOPS are expected to receive an aggregate consideration of a combination of cash and sellers credit, upon successful closure of the transaction.

Lionel Lee, Group CEO and managing director of Ezra, said: “This transaction is fully in line with the Group’s strategy to move away from ownership of FPSO assets and will allow us to streamline our resources. Furthermore, it will allow us to move towards capitalising on the capabilities and experience we have harnessed from FPSO conversions and to build a franchise based on providing higher value-added services.”

Captain Adarash Kumar, EMAS Offshore’s CEO, added: “This transaction will enable us to strengthen our financial position and refocus the company’s business in the offshore support sector during the current challenging times in the oil and gas sector.”

Ezra said it expects the transaction to be completed by no later than the end of June 2016.

Share this article

Follow Subsea World News

Events>

<< Mar 2017 >>
MTWTFSS
27 28 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 22nd lnternational Offshore Crane and Lifting Conference

The Norwegian Society of Lifting Technology (NSLT) & The Offshore Mechanical Handling Equipment Committee (OMHEC) invite you …

read more >

OMC 2017

OMC mission is serving all people interested in the Mediterranean Offshore Industry…

read more >

Ocean Business 2017

Ocean Business 2015 was phenomenally successful, with visitor numbers up an incredible 29%. The overall attendance was a staggering 4,589…

read more >

International Connectivity and Cables Conference

Meet and network with leading telecom operators and OTTs including du, Etisalat, Omantel, Saudi Telecom Company, Yahoo, Angola Cables…

read more >