Emas Goes Under Judicial Management
EMAS Offshore, a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, said that its July application to be placed under judicial management approved by High Court of Singapore.According to a press note, the Court had granted the judicial management application on October 21, 2019.Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PWC) have been appointed judicial managers and will seek to achieve the survival of the company…
Udenna Backs-out from EMAS Rescue
Philippine's Udenna Corporation has broken off negotiations over a potential investment of $73 million in struggling Singapore-based offshore vessel company Emas Offshore.The ailing Singaporean contractor Emas Offshore announced in a regulatory filing that Udenna had informed the company that it would no longer be injecting $73.29 million into the offshore services provider. No reasons were given in the announcement for Udenna's decision.Dennis Uy-led Udenna is the parent company of Pheonix Petroleum and Chelsea Logistics Holdings.Udenna and Emas inked a non-binding term sheet last October…
Emas Offshore's PSV Charter Terminated
Singapore’s Emas Offshore has received a notice from Marina Aquata Shipping to terminate the bareboat charter for one of its leased platform supply vessels (PSVs). The offshore services provider held by Ezra said that Marina Aquata Shipping terminated the bareboat charter of the Lewek Avior PSV. "Ezra Holdings Limited has issued a Guarantee and Indemnity dated 26 April 2011 as guarantor in favour of the Owner in respect of EOPL’s obligations under the Avior Charter. Marina Aquata Shipping alleged…
Emas Offshore Appeals Against Oslo Stock Exchange Delisting
Oslo Stock Exchange has decided to delist the shares of Singapore-based Emas Offshore from trading. The offshore services provider considers this decision detrimental to its ongoing restructuring efforts. The Oslo Stock Exchange released a statement on Monday, February 19 announcing its intention to delist the shares of Emas Offshore Limited with effect from April 27, 2018. Emas Offshore, part of Singapore's Ezra Holdings plans to make an appeal against the decision by March 5. "In the meantime, the Company remains listed on the Oslo Stock Exchange.
Emas Offshore CEO Capt. Adarash Kumar Resigns
Singapore-based Emas Offshore announced that CEO and Executive Director Capt. Adarash Kumar has tendered his resignation and his last day of service will be on April 6, 2018. In a stock exchange filing, the operating brand for Ezra Holdings said that Kumar will continue in his duties and responsibilities pending the appointment of a suitable candidate in due course. He was appointed to the Board as Non-Independent, Non-Executive Director on 26 Aug 2014, and re-designated as an Executive Director on 1 May 2015. He was appointed CEO on 25 Sep 2015. Capt.
Emas Offshore Braces for Ezra’s Bankruptcy
The EMAS Offshore (EOL) board of directors warns that the Chapter 11 filing of parent company Ezra Holdings may negatively impact EOL and its subsidiaries, which could possibly lead it to face a going concern issue. As at 30 November 2016, the Group had an aggregate amount of approximately US$170 million owing to Ezra, of which US$125 million was subject to a deferred payment over a period of three years, says a statement from the company. In addition, the Group has an aggregate of approximately US$566 million of loans owing to financial institutions.
Emas Offshore Sinks Deeper into Red
EMAS Offshore Limited announced today a net loss of US$265.3 million for the full year ended 31 August 2016 (“FY2016”). Net loss for the three months ended 31 August 2016 (“4QFY2016”) stood at US$98.5 million. For the full year period under review, the Group recorded revenue of US$167.6 million, as compared to revenue of US$247.2 million in the year-ago period (“FY2015”). This decline in revenue was the result of continual weakness in the offshore industry leading to markedly lower demand as well as general oversupply in the offshore support vessels (“OSV”) segment. Gross loss for the year stood at US$49.8 million as compared to gross profit of US$29.4 million in the previous corresponding period.
Emas Reels in $32m Contract
Singapore-listed offshore firm EMAS Offshore Limited wins $32m of new business has secured new awards and letter of intents for charters amounting to approximately US$32 million, including options. These new charters will see EMAS Offshore’s Anchor Handling Tug (AHT), Anchor Handling Tug and Supply (AHTS) and Platform Supply (PSV) vessels supporting National Oil companies (NOCs), International Oil companies (IOCs) and other offshore contractors on drilling operations and cargo supply runs for offshore oil field projects in their production phases.
Ezra Swings into Red in Q3
Ezra Holdings saw its net profit for 9M15 grow 50.6 percent to US$51.5 million despite a net loss of US$3 million for the latest quarter, as sluggish oil prices weighed on activities of the oilfield service industry. For the first nine months of its financial year, Ezra posted a net profit of $51.5 million, up 51 percent on the year, though revenue for the period dropped 3 percent to US$391 million, the services provider to the offshore oil and gas sector said in a statement.
Ezra Wins UK North Sea Contracts
Offshore service provider Ezra Holdings has announced that subsea division, EMAS AMC, has won global contracts values at over $115m including options, reports Business Times. These contracts include one for rigid pipe lay for the Aviat field development in the UK North Sea; engineering and offshore support work in West Africa for an oil major which will be undertaken together with Ezra's subsidiary company, EMAS Offshore Limited. Other subsea contract work includes ROV support services and High Voltage Alternate Current (HVAC) pull-ins.
EMAS Offshore Launches Singapore Listing
EMAS Offshore boosts profile amongst international investment community by providing Asian platform for growth; Singapore public offer opens at 6.00 p.m. today and closes at 12.00 noon on 2 Oct 2014. EMAS Offshore Limited (“EMAS Offshore”, or the “Group”), formerly known as EOC Limited (“EOC”), is pleased to announce the launch of its public offering of shares following the registration of its prospectus (the “Prospectus”) with the Monetary Authority of Singapore (“MAS”), in…
World’s Largest Liftboat Up for Delivery
SUDA 450-L3T, a 450-foot (137.25-meter) truss-legged liftboat, designed by A. K. Suda, Ltd. and built by Triyards Marine, Saigon Shipyard in HCMC, Vietnam, reported to be the world’s largest liftboat, is being delivered to its owners, EMAS Offshore of Singapore at the end of 2nd Quarter 2014. This state-of-the-art vessel is a three-legged, self-propelled, self-elevating general service workboat, known as the BH-450, and is suitable for operation in the North Sea. It is an ABS classed with Unrestricted Service…
Keppel’s Logs $8.1B in Contracts in ‘12
Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries have won three new contracts - worth a combined value of $343mn - to bring the group's total order wins for 2012 to $8.1B. Mr Tong Chong Heong, CEO of Keppel O&M, said, "With the strong confidence and support of new and repeat customers, Keppel O&M continues to be the provider of choice for a broad range of offshore and marine projects. "2013 will be a busy year for us as we continue to focus on the quality execution of all our projects - we are committed to ensure that they are delivered safely, promptly and to high customer satisfaction. Keppel Singmarine Pte Ltd (Keppel Singmarine) secured two of the three new contracts, with the third new contract won by Keppel Shipyard Ltd (Keppel Shipyard).
Aker Solutions Sells Remaining Ownership in Lewek Connector
AMC Connector AS, a joint venture between Aker Solutions and Emas Offshore Limited, has agreed to sell subsea construction and cable-lay vessel Lewek Connector (previously called AMC Connector) to Ocean Yield AS. In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector's vessel owning company, AMC Connector AS. The divestment of Aker Marine Contractors marked the start of a restructuring of Aker Solutions…
Aker Solutions Sells Offshore Ship to Ocean Yield
AMC Connector AS, a Aker Solutions & Emas Offshore joint venture, has agreed to sell subsea construction & cable-lay vessel 'Lewek Connector'. In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector's vessel owning company, AMC Connector AS. The divestment of Aker Marine Contractors marked the start of a restructuring of Aker Solutions, which has since streamlined the company into becoming a fully-fledged provider of oilfield products, systems and services.
EMAS Wins Chevron Contract
EMAS' Offshore Construction division, EMAS AMC, was awarded a contract by Chevron Thailand Exploration and Production Ltd, Chevron Offshore (Thailand) Ltd and Chevron Pattani Ltd. This award will see EMAS AMC installing a number of wellhead platforms and associated pipelines in the Gulf of Thailand. This project is expected to commence in early 2012 for a three year firm period (2012 – 2014) with an option period for an additional two years (2015 – 2016), which in aggregate is estimated to increase the orderbook for EMAS AMC to over $600m. Mr Lionel Lee, EMAS’s Managing Director, said: “This award is an important milestone for us and reaffirms the growing relationship that we have with Chevron in the Asia Pacific region”.
IDPOA Announces 2011 Award Winners
The International Dynamic Positioning Operators Association (IDPOA) has announced the winners of the 2011 International Dynamic Positioning Excellence Awards. “The awards stand testimony to the skill, dedication, effort and commitment of people who strive to be the best," said Steven Jones, Executive Director of IDPOA.
Keppel O&M Clinches More Contracts
Keppel Offshore & Marin Ltd (Keppel O&M), through its subsidiaries, Keppel Shipyard Limited (Keppel Shipyard) and Keppel FELS Limited (Keppel FELS), has secured contracts worth $114.8m for a Floating Production Storage and Offloading (FPSO) vessel conversion, a Derrick Lay Barge completion and the life extension of a semisubmersible rig. Tong Chong Heong, CEO of Keppel O&M said, “As market sentiments liven up, we are receiving more enquiries with some new contracts materialising in the last quarter of this year.
Keppel Gets $105.7m in Contracts for Conversion, Shipbuilding
Keppel Offshore and Marine, a unit of Keppel Corp, has secured conversion and shipbuilding contracts worth $105.7m. The contracts involve converting two Floating Production Storage and Offloading (FPSO) units. One contract is from SBM Holdings, one of the world's largest owners and operators of FPSO and FSO facilities, and the other is from Emas Offshore Construction and Production. The unit for SBM is expected to be completed in the third quarter of 2008. When completed, it can produce up to 100,000 barrels of oil per day and store about 1.6 million barrels of oil. The unit for Emas Offshore Construction and Production is due to be ready by mid-2008. Meanwhile, Keppel Nantong Shipyard has received an order to build three 65-ton bollard pull tugboats.