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.
NYK Buys Stake in EMAS Chiyoda Subsea
NYK has acquired a 25 percent share of EMAS Chiyoda Subsea Limited (ECS), based on an agreement signed on June 10 with Ezra Holdings Limited (Ezra) and the Chiyoda Corporation (Chiyoda). 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. After this acquisition, ECS’s shareholding structure will shift to Ezra 40 percent, Chiyoda 35 percent, and NYK 25 percent. Based on its medium-term management plan emphasizing differentiation through the use
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 Wins $110m Deepwater Brazilian Contract
Ezra Holdings Limited today announced that the Group’s wholly owned subsidiary London Marine Consultants (LMC), Ezra’s Floating Production, Storage and Offloading (FPSO) Turret Design outfit has been awarded a contract by Sembcorp Marine’s subsidiary Jurong Shipyard of Singapore, to supply an external turret mooring system for the Libra field’s Extended Well Test (EWT) FPSO vessel. The Libra oil field is a large, ultra-deepwater (up to 2,500metres) oil prospect located in the Santos Basin, about 230 kilometres off the coast of Rio de Janeiro, Brazil, north of Tupi
Ezra Bags $70m in Offshore Contracts
Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division, EMAS AMC, has won multiple new awards from various energy companies valued at over US$70 million. The scope of work includes subsea installation of umbilicals, flowlines and jumpers, as well as provision of services to support rigs. Work has commenced for several projects, with the others slated for offshore execution from Q4 2014 to Q2 2015. “I am delighted to see that our customers are leveraging our
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.
Ezra Reports another Quarter of Growth
Ezra Holdings Limited, a contractor and provider of integrated offshore solutions to the oil and gas industry, achieved a record revenue of $1 billion for the nine months ended May 31, 2014 (9M14), a 24% increase from $842.9 million in the previous corresponding period (9M13). revenue for the three months ended May 31, 2014 (3Q14) has also outperformed previous year (3Q13), increasing 27% to $402.1 million. Adjusted EBITDA for the group grew 144% to $125.4 million and adjusted profit after tax turned from a loss of $43.5 million in 9M13 to a profit of $25 million in 9M14. EMAS AMC, Ezra’s
Singapore's Ezra Holdings Profits Rocket
Ezra informs that it has sustained another quarter of growing revenues and improving operating performance with fiscal 9M 2014 revenues crossing the US$1 billion mark. Highlights Gross profit up 73% to US$163.6 million in 9M14 on strong contribution from Subsea Services division EMAS AMC demonstrates continuous operational profitability Stabilising EMAS Marine platform with new contracts momentum in 3Q14 Focus on Subsea Services business with the consolidation of EMAS Marine into EOC Limited Ezra, a leading contractor and provider of integrated offshore solutions to the oil
Ezra to Consolidate EMAS Marine into EOC
Ezra Holdings Limited today announced plans to consolidate its Offshore Support Services division, EMAS Marine, into its associated company, EOC Limited, which is listed on the Oslo Børs, Norway. Upon completion of the transaction, the enlarged EOC Group will be one of the largest offshore support operators in Asia Pacific by asset value, managing an offshore services platform comprising over $1 billion in offshore support assets. Its diverse and versatile fleet of 50 offshore vessels is among the youngest in the region. The fleet has a combined bollard pull of almost 4,000 tons, more than 37
February 2024
