Ezra Looks to Dispose of FPSO Lewek EMAS

Photo: EMAS

Singapore-listed offshore contractor, Ezra, and EMAS Offshore Production Service, a wholly-owned subsidiary of EMAS Offshore, have accepted a non-binding letter of intent (LOI) to sell at least their current combined 78,4 per cent in PV Keez to a global infrastructure investment firm.

PV Keez is a single purpose company that owns the FPSO Lewek EMAS, which is chartered to Premier Oil Vietnam Offshore BV (POVO) as operator of the Chim Sao field offshore southern Vietnam.

Ezra and EOPS are expected to receive an aggregate consideration of a combination of cash and sellers credit, upon successful closure of the transaction.

Lionel Lee, Group CEO and managing director of Ezra, said: “This transaction is fully in line with the Group’s strategy to move away from ownership of FPSO assets and will allow us to streamline our resources. Furthermore, it will allow us to move towards capitalising on the capabilities and experience we have harnessed from FPSO conversions and to build a franchise based on providing higher value-added services.”

Captain Adarash Kumar, EMAS Offshore’s CEO, added: “This transaction will enable us to strengthen our financial position and refocus the company’s business in the offshore support sector during the current challenging times in the oil and gas sector.”

Ezra said it expects the transaction to be completed by no later than the end of June 2016.

Share this article

Follow Subsea World News

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 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

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >

The World Future Energy Summit (WFES) 2018

WFES will also hold its annual conference, which sees international government and business experts come together to discuss critical global…

read more >

HYPACK 2018

This training event will offer instruction on the newest features of HYPACK® 2018 as well as comprehensive training for both novice…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >