New Wave Media

June 11, 2016

Nippon Yusen to Invest in EMAS Chiyoda Subsea Services JV

Courtesy EMAS CHIYODA Subsea

Courtesy EMAS CHIYODA Subsea

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 challenging market, had completed the JV agreement with Chiyoda in March.

Ezra shares jumped 25 percent on Wednesday before trading was halted.

(Reporting By Aradhana Aravindan; Editing by Simon Cameron-Moore)

Ezra Holdings Ltd.Nippon YusenNippon Yusen Kaisha