EMAS AMC misses ‘Lewek Inspector’ payment. Ezra under pressure

Ezra Holdings, a Singapore conglomerate and a parent to offshore services provider EMAS AMC, is under pressure after its subsidiary failed to pay charter fees for some of its vessels.

EMAS AMC has informed Forland Subsea it won’t be able to pay charter hire for Forland’s Lewek Inspector vessel for October 2016. Actually, the company has already defaulted on the payment for the inspection, maintenance & repair vessel as the payment was due on November 30.

According to Forland, in a meeting between representatives of the parties held on December 15, 2016, EMAS-AMC AS informed Forland that they are unable to settle the outstanding charter hire for the time being, due to financial distress.

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

The shipowner has noted that EMAS-AMC AS’ obligations under the charterparty are guaranteed by Singapore-listed Ezra Holdings Limited.

Standstill for Lewek Connector

This is the second time on Thursday Ezra has been mentioned as the guarantor for EMAS AMC’s obligations.

Namely, earlier on Thursday, EMAS AMC has asked for a standstill of its bareboat charter of the Lewek Connector ultra-deepwater multipurpose, flex-lay subsea construction vessel.

Ocean Yield, the owner of the vessel, EMAS AMC has requested a short-term standstill for the months of December 2016 and January 2017.

Given the challenging offshore market, the parent company of EMAS AMC AS, EMAS Chiyoda Subsea, has initiated discussions with its creditors in order to restructure and recapitalize the company, Ocean Yield said, without confirming whether it would comply to the request or not.

EMAS Chiyoda Subsea is owned 40% by Ezra Holdings Ltd., 35% by Chiyoda Corporation and 25% by Nippon Yusen Kabushiki Kaisha (“NYK”).

Ocean Yield also pointed to Ezra Holdings as a guarantor for EMAS-AMC AS’ obligations under the charterparty for the Lewek Connector. The company did not say if it would try and enforce its rights and make Ezra pay.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 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 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

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 >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

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