Ezra faces wind-up threat as Forland seeks its cash

Offshore vessel owner Forland Subsea no longer wants to wait and has served Singapore’s Ezra Holdings a statutory demand seeking payments owed for a vessel charter.

To remind, Ezra’s subsidiary EMAS AMC missed the payment for the charter hired for Forland’s Lewek Inspector vessel for October 2016.

At the time Forland said it would assess and explore the consequences of the payment default and the options available to it, including the remedies available to it under the charterparty.

The company also pointed out that Emas AMC’s obligations under the charterparty were guaranteed by Singapore-listed Ezra Holdings Limited.

Late in December, Forland said it had reached a temporary agreement with EMAS-AMC. Under the agreement, the Lewek Inspector was to complete its ongoing project offshore Congo in January 2017-

It seems that Forland is now done with “assessing and exploring” its options and is in the mood to take its cash.

According to a statement by Ezra on Tuesday, Forland’s solicitors on Monday, February 6, delivered to Ezra a statutory demand seeking payment of to approximately NOK25.5 million (approximately S$4.4 million) owed to it by EMAS-AMC.

Forland has given Ezra three weeks to make payment, or otherwise, its solicitors would move for Ezra to be wound up by the High Court of Singapore on the basis that the company is unable to pay its debts.

Commenting on Forland’s actions, Ezra said: “The Company is currently seeking advice on the Statutory Demand. Further announcements will be made by the Company and the Board via SGXNET as and when there are any material developments in compliance with the listing rules of the Singapore Exchange Securities Trading Limited.”

Offshore Energy Today has reached out to Forland, seeking more info on the current contract status of the Lewek Inspector, and further plans for the vessel.

Forland’s CEO Frode B. Forland said in his response: “We are still negotiating with EMAS and our payment demand is still valid. We are waiting to see the outcome of this, hopefully very soon. As of now, we have no immediate plans for the vessel. ”

Offshore Energy Today Staff

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