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 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)