EMAS AMC seeking standstill over ‘Lewek Connector’ charter

Offshore services firm EMAS AMC has asked for a standstill of its bareboat charter of the Lewek Connector ultra deepwater multipurpose, flex-lay subsea construction vessel.

According to Ocean Yield, the owner of the vessel, EMAS AMC has requested a short-term standstill for the months of December 2016 and January 2017.

Given the challenging offshore market, the parent company of EMAS AMC AS, EMAS Chiyoda Subsea, has initiated discussions with its creditors in order to restructure and recapitalize the company, Ocean Yield said, without confirming whether it would comply to the request or not.

EMAS Chiyoda Subsea is owned 40% by Ezra Holdings Ltd., 35% by Chiyoda Corporation and 25% by Nippon Yusen Kabushiki Kaisha (“NYK”).

EMAS-AMC AS’ obligations under the charterparty for the Lewek Connector are guaranteed by Ezra Holdings Limited, listed on the Singapore Stock Exchange.