Forland Gives More Time to EMAS AMC

Forland Subsea said it has reached a temporary agreement with EMAS AMC AS over charter payment for the LCV/IMR subsea vessel Lewek Inspector.

To remind, EMAS AMC AS has defaulted on its payment for the month of October 2016 due to financial distress.

Since EMAS informed Forland that it is ‘unable to settle the outstanding charter hire for the time being’, the Norwegian shipowner, after it said it will re-evaluate its options, agreed for the vessel to continue its current campaign offshore Africa, despite falling behind on its obligations.

The Lewek Inspector is currently engaged on a project offshore Congo, which is expected to be wrapped up in January 2017.

In addition, EMAS AMC has earlier this month requested for a short standstill in regards with another chartered vessel, and also part of EMAS Chiyoda Subsea fleet the Lewek Connector.

The parent company of EMAS AMC AS, EMAS Chiyoda Subsea, is said to have initiated discussions with its creditors in order to restructure and recapitalise the company.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Jul 2019 >>
MTWTFSS
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 4

OFFSHORE TECHNOLOGY CONFERENCE (OTC2020)

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance…

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >