Forland Subsea has entered into a time charter agreement with an undisclosed contractor for the Lewek Inspector vessel, following a standstill agreement with EMAS AMC.
Forland Subsea and EMAS AMC have entered into a standstill agreement for the duration of the short-term charter.
The expected charter period is about three weeks and the vessel will start working this week, the company informed.
The standstill agreement allows Forland Subsea to charter the Lewek Inspector without terminating the charter party with EMAS AMC. Forland Subsea has reserved all of its rights under the EMAS AMC charter party and will evaluate its options at the expiry of the standstill agreement.
The obligations of EMAS AMC are guaranteed by Ezra Holdings. Forland Subsea has called on payment under the guarantee, however, no payments have been received to date, the company said.
In response to the non-payment Forland Subsea served a statutory demand against Ezra Holdings in Singapore.
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.
“Presently, it is uncertain whether payment under the guarantee will be made,” Forland Subsea said.