EMAS AMC Fails “Lewek Inspector” Charter Obligations

Forland Subsea informed that EMAS AMC AS has defaulted on charter payment for the LCV/IMR subsea vessel “Lewek Inspector” due to financial distress.

According to Forland, the company is behind on the payment for the month of October 2016, due November 30, 2016 and is ‘unable to settle the outstanding charter hire for the time being’.

The Lewek Inspector, built in 2013, is under a long-term contract with EMAS CHIYODA Subsea.

Ezra’s subsea services business, EMAS AMC, became a joint venture EMAS CHIYODA Subsea when in August 2015 Japan’s ECS player Chiyoda signed a binding memorandum of understanding to invest in EMAS AMC. The joint venture welcomed another partner in June this year when Nippon Yusen Kabushiki Kaisha (NYK) acquired its 25% stake.

EMAS AMC AS’ obligations under the charterparty are guaranteed by Ezra Holdings. As reported earlier today, EMAS is looking for a short standstill in regards with another chartered vessel, and also part of EMAS CHIYODA fleet the Lewek Connector. The obligations under the charterparty for this vessel are also guaranteed by Ezra.

Forland said it will assess and explore the consequences of the payment default and the options available to it, including the remedies available to it under the charterparty.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< May 2019 >>
MTWTFSS
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 1 2

OCEANS 2019

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

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

Global Petroleum Show (GPS)

The Global Petroleum Show Conference is a comprehensive three-day program where…

read more >