Ezra Gets Nod for EMAS CHIYODA Subsea JV

Ezra’s shareholders approved today the proposed 50:50 subsea joint venture with Japan’s ECS player Chiyoda.

Singapore-listed offshore O&G contractor said that 99.97% of shareholders voted in support of Chiyoda’s investment in its subsea services division, EMAS AMC, to form EMAS CHIYODA Subsea (ECS).

According to memorandum of understanding (MOU), signed in August between the two companies, the transaction implies an aggregate deal value for EMAS CHIYODA Subsea of approximately USD 1.25 billion.

Furthermore, as part of the joint venture, Chiyoda will pay Ezra a USD 150 million cash consideration and inject additional USD 30 million capital into EMAS CHIYODA Subsea. Ezra will also capitalise part of its existing intercompany debt owed by EMAS.

“We are delighted by the show of support from shareholders for this partnership with Chiyoda. Our shareholders’ confidence in our partner and EMAS CHIYODA Subsea stands as a testament to the ongoing strategy to accelerate the growth of our subsea services business. With the benefit of an expanded expertise in EPCI projects, we look forward to greater opportunities and conquering new challenges,” said Lionel LeeGroup CEO and managing director of Ezra.

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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Europort 2019

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