Vessel owner files for wind up of Emas Offshore’s subsidiary

A winding up application has been filed against Emas Offshore’s subsidiary, Lewek Champion Shipping, related to debts for the Lewek Champion vessel charter. 

Emas Offshore reported on Tuesday that the owner of the Lewek Champion pipelay construction vessel, Hai Jiang 1401, filed the winding up application with the High Court of Singapore on May 5 to wind up Lewek Champion Shipping.

Hai Jiang 1401, a unit of China’s ICBC Financial Leasing, also sought for Soo Hon Weng to be appointed as liquidator.

Back in April, the owner of the vessel warned it might apply for Lewek Champion Shipping to be wound up if the charterer was unable to pay its accrued debts of around $195.02 million. In addition to the termination sum of $194.5 million, this sum included a further sum of $522,217.84 being the accrued contractual interest under the bareboat charter.

Now that the application has been filed, Emas added that it has been fixed for hearing on May 26.

Ezra, as the guarantor for the charter, Emas and Lewek Champion are all seeking legal advice in respect of the application and Emas is assessing the impact of the application against the group.

Offshore Energy Today Staff