Emas Chiyoda Subsea Files for Bankruptcy
Subsea affiliate of Singapore's Ezra files for U.S. bankruptcy 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.
Nippon Yusen to Invest in EMAS Chiyoda Subsea Services JV
Japanese shipper Nippon Yusen Kaisha (NYK) has agreed to invest in EMAS Chiyoda, a subsea services joint venture between oilfield services firm Ezra Holdings Ltd and Chiyoda Corp, Ezra said in a statement late on Friday. Singapore's Ezra, through its EMAS AMC subsidiary, plans to sell a 10 percent stake in the joint venture for $36 million, while engineering company Chiyoda will sell a 15 percent stake. Once the deal is completed, Ezra will hold 40 percent of the joint venture, Chiyoda 35 percent, while NYK will hold 25 percent. Ezra, one of the city-state's many oilfield service firms hit by a
Ezra Holdings Net up 10%
Singapore-based offshore oilfield services firm Ezra Holdings Ltd's quarterly net profit rose 10 percent, with full year revenue rising to a record, powered by a strong performance in its subsea services division. The company said net profit for the fourth quarter ended in August increased to $11 million and full-year revenue rose 18 percent to $1.49 billion. "The group maintains a healthy backlog of approximately $2.4 billion, with most contracts expected to be executed over the next 12 to 18 months," Ezra said in a statement. Ezra's share price closed up 5.
February 2024
