Emas Chiyoda Subsea Files for Bankruptcy
Subsea affiliate of Singapore's Ezra files for U.S. A subsea and offshore contractor affiliate of Ezra Holdings Ltd, a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil-and-gas industry. The affiliate, Emas Chiyoda Subsea Ltd, said in court papers filed in Houston that the company was suffering from weak demand for its subsea contracting work and tightening credit conditions. Ezra has said it may have to take a $170 million writedown on the value of its investment in Emas Chiyoda.
NYK to Buy Into Emas Chiyoda
Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK) has agreed to invest in EMAS Chiyoda, a subsea services joint venture between oilfield services firm Ezra Holdings Ltd and Chiyoda Corp. NYK has reached an agreement with Ezra Holdings Limited (Ezra) and Chiyoda Corporation (Chiyoda) to acquire a 25 percent share of EMAS Chiyoda Subsea Limited (ECS). After NYK’s participation, the shareholding structure of ECS will change to Ezra 40%, Chiyoda 35%, and NYK 25%. ECS is a global player in the engineering, procurement, construction, and installation (EPCI) of subsea facilities — essential components in offshore oil and gas field development.
FPSO Installation deal to Aker Solutions
MODEC Offshore Production Systems (Singapore) Pte Ltd. awarded Aker Solutions' wholly-owned subsidiary Aker Marine Contractors a mooring installation contract for hook-up of the Bourgogne FPSO offshore Angola. Contract value is approximately $30m. MODEC will supply the PSVM FPSO to BP for the oil company's PSVM (Plutão, Saturno, Vênus and Marte) development in Block 31 offshore Angola. The FPSO will be installed in approximately 2 000 meters water depth and have production capacity of 157,000 barrels per day. "This contract represents another significant step forward in our relationship with MODEC," says Erik Wiik, President - Subsea North America, Aker Solutions.
Keppel Unit Wins Contracts Worth $155.6m
Keppel Corp. said Keppel Singmarine Pte Ltd. has won two shipbuilding contracts worth $155.6m, Thompson Financial reported. Keppel Singmarine will build a derrick pipelay vessel for Global Offshore International Ltd, a unit of U.S.-listed Global Industries Ltd. In a separate deal, Keppel Singmarine will construct a 100-metre Rolls-Royce designed UT 788 CDL ultra-deepwater multi-functional support vessel For Lewek Shipping Pte Ltd., a unit of Singapore-listed Ezra Holdings Ltd. Source: Thompson Financial
