AMS withdraws suit against Ezion

Ezion Holdings Limited has announced that Atlantic Marine Services B.V. (AMS) has dropped the lawsuit in the Singapore High Court against Ezion.

Ezion said in the press release that AMS, a company managing Ezion’s liftboats in the North Sea, has agreed to release and discharge the company from all claims that had been alleged in the suit.

The company further said that AMS has informed about a change in its management and that it intends to cooperate and work closely with Ezion to support the operational requirements of a common client in the North Sea for three of its Service Rigs.

In addition, Ezion said that it welcomed the latest developments and would continue to engage with the new management of AMS.

Background

In a press release issued on May 18, Ezion explained that after receiving feedback about AMS failing to meet their contractual and operational obligations operating Ezion’s three service rigs working in the North Sea for a European oil major – Maersk Oil, according to Bloomberg – Ezion took in consideration taking over the operations of the three service rigs from AMS. Objecting to the idea of their three service rigs operations being taken over, AMS had filed a suit seeking from the Court an injunction that would restrain the Ezion from communicating with the oil major to terminate its contract with AMS.

According to a RHB research report, Atlantic Marine Services had alleged that Ezion conspired to induce Maersk Oil to breach charter agreements;  that Ezion created the impression that
AMS was in financial trouble, and that “it agreed to pay inflated charter rates to Ezion…to secure bigger loans”

In its note on the matter issued today, RHB said:“We believe Maersk Oil may be willing to give AMS’ new management a chance, and the charter agreements will remain in place.”

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 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 1

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply