Forland Hits Ezra with ‘Pay Up or Wind Up’ Order

Ezra Holdings has received a statutory demand from the solicitors of Forland Subsea for payment of a charter that is due and owing by EMAS-AMC AS for the vessel Lewek Inspector.

According to Ezra who acts as the parent corporate guarantor for the charter party, a claim is for some S$4.4 million or NOK 25.5 million.

Forland earlier stated that EMAS-AMC, now a wholly owned subsidiary of EMAS Chiyoda Subsea, was behind on the payment for the month of October 2016, due November 30, 2016 and was ‘unable to settle the outstanding charter hire for the time being’.

The shipowner, however, agreed for the vessel to continue its campaign offshore Africa, despite falling behind on its obligations.

It is understood that if Forland does not receive payment for the sum demanded within three weeks from the date of the statutory demand, its solicitors would ask for Ezra to be wound up by the High Court of Singapore for not being able to pay its debts.

Ezra has advised its shareholders and potential investors to exercise caution when trading in the company’s shares while it’s seeking for advice on the matter.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Sep 2017 >>
MTWTFSS
28 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

SUBSEA POWER CABLES

2-day seminar covering best practice and emerging technologies for cost-efficient subsea cable projects from conception to installation…

read more >

EEMUA subsea engineering course: materials selection and corrosion control

This two and a half day training course is recommended for both discipline and project focused engineers from a variety of backgrounds…

read more >

FUTURE OIL & GAS

Join senior executives from oil and gas majors, service companies, technology suppliers and industry experts at this year’s premier event…

read more >

Kuwait Oil & Gas Show

Kuwait Oil & Gas Show is the Kuwait International Fair Ground in Kuwait City, Kuwait. This event showcases product from Chemicals & Dyes, Electronics & Electrical Goods, Hand, Machine & Garden Tools, Petroleum, Oil & Gas, Power & Renewable Energy industries. More info

read more >