EMAS AMC Asks for Short Standstill of “Lewek Connector” Charter

EMAS AMC AS, a subsidiary of EMAS Chiyoda Subsea, has requested Ocean Yield to enter into a short-term standstill agreement relating to the bareboat charter of the vessel Lewek Connector for the months of December 2016 and January 2017.

The ultra deepwater multipurpose, flex-lay subsea construction vessel, built in 2011, is under a 10-year charter from October 2012, and it is guaranteed by Singapore-listed Ezra Holdings.

EMAS Chiyoda Subsea (ECS) is said to have initiated discussions with its creditors in order to restructure and recapitalise the company.

The joint venture was established this year by Ezra Holdings and Chiyoda Corporation, following which Nippon Yusen Kabushiki Kaisha (NYK) acquired 25% equity interest in ECS. Ezra and Chiyoda retain their respective 40% and 35% shareholding in ECS.

ECS in consortium with L&T Hydrocarbon Engineering (LTHE) has secured a contract from Saudi Aramco valued at over USD 1.6 billion for the development of the second phase of Hasbah offshore gas field situated off the coast of Saudi Arabia. According to the company, its scope covers approximately 40% of the contract value.

 

Share this article

Follow Subsea World News

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 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 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

IADC World Drilling 2017 Conference & Exhibition

This event showcases products like Cutting edge, drilling technology, well control, health, safety, environment, training and environment industry…

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

SPE Offshore Europe 2017

Attending SPE Offshore Europe, recognised by offshore E&P professionals as Europe’s leading E&P exhibition and conference, will ensure…

read more >