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

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