Freeport LNG Delays Start of Texas Export Terminal
Freeport LNG, a privately held U.S. liquefied natural gas company, said on Thursday it pushed back the projected start date for its $13 billion export terminal under construction in Texas by about nine months to around Sept. 1, 2019.Freeport LNG now expects the first liquefaction train to enter service around Sept. 1, 2019, with the second and third trains seen in service around Jan. 1 and May 1, 2020, respectively, said Zdenek Gerych, a spokesman at Freeport.Previously, the three trains…
Emas Chiyoda Subsea Files for Bankruptcy
Subsea affiliate of Singapore's Ezra files for U.S. A subsea and offshore contractor affiliate of Ezra Holdings Ltd, a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil-and-gas industry. The affiliate, Emas Chiyoda Subsea Ltd, said in court papers filed in Houston that the company was suffering from weak demand for its subsea contracting work and tightening credit conditions. Ezra has said it may have to take a $170 million writedown on the value of its investment in Emas Chiyoda.
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.
