Ezra and Chiyoda Launch Subsea Joint Venture

Japan’s ECS player Chiyoda and Ezra’s subsea service business EMAS AMC have launched a joint venture EMAS CHIYODA Subsea, following the completion of the announced transaction.

The 50:50 joint venture will start operations effective from April 01, 2016.

The companies signed a binding memorandum of understanding (MoU) in August 2015 when it was agreed that Chiyoda would invest in EMAS AMC.

According to the MoU, the transaction implies an aggregate deal value for EMAS CHIYODA Subsea of approximately USD 1.25 billion.

Furthermore, the companies agreed that Chiyoda will pay Ezra a USD 150 million cash consideration and inject additional USD 30 million capital into EMAS CHIYODA Subsea.

Shogo Shibuya, President and CEO of Chiyoda, said, “The formalization of this joint venture with Ezra is a significant step towards strengthening Chiyoda’s offshore upstream portfolio. With our combined expertise and resources, EMAS CHIYODA Subsea is well-positioned to provide services throughout the life cycle of any offshore oil and gas project. This transaction also demonstrates our commitment towards the future of the subsea business.”

Lionel Lee, Group CEO and Managing Director of Ezra, said, “With the completion of this joint venture, we are able to increase our scope of services and provide more value to our clients and partners. We are delighted by the strong show of support from Chiyoda and our stakeholders in this partnership, which is a testament to our capacity to conquer the current headwinds in the sector. With the benefits of an expanded operational expertise and networks, we are confident that this joint venture will better equip us to navigate the changing industry landscape.”

Share this article

Follow Subsea World News

Events>

<< Oct 2019 >>
MTWTFSS
30 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 3

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.

More info

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

read more >

Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

read more >