Triyards Loses Two Shipbuilding Contracts
Triyards Holdings, the offshore marine division of Ezra Holdings, has swung deep into the red following the termination of two shipbuilding contracts worth some $51 million. "The Board of Directors of Triyards Holdings wishes to announce that its wholly owned subsidiary, Saigon Offshore Fabrication and Engineering Limited, has received notices of termination of the two shipbuilding contracts dated 26 June 2015 and the addendum dated 10 May 2017 for the design and construction of two units of chemical tankers of an aggregate contract value of US$51 million from the purchaser of the chemical tankers," said a statement from the company.
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.
NYK Buys Stake in EMAS Chiyoda Subsea
NYK has acquired a 25 percent share of EMAS Chiyoda Subsea Limited (ECS), based on an agreement signed on June 10 with Ezra Holdings Limited (Ezra) and the Chiyoda Corporation (Chiyoda). ECS is a global player in the engineering, procurement, construction, and installation (EPCI) of subsea facilities — essential components in offshore oil and gas field development. After this acquisition, ECS’s shareholding structure will shift to Ezra 40 percent, Chiyoda 35 percent, and NYK 25 percent. Based on its medium-term management plan emphasizing differentiation through the use of creative solutions…
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.
Saudi Aramco Awards Hasbah Gas Expansion Contract
State oil giant Saudi Aramco <IPO-ARMO.SE> has awarded a $1 billion-plus contract to India's Larsen & Toubro (L&T) and Singapore-based Emas AMC for the expansion of the offshore Hasbah sour gas field, industry sources said. Increasing its supply of gas is a top priority for Saudi Arabia. Many industrial firms have complained about a shortage crimping expansion plans, while the kingdom is trying to use more of the fuel for power generation and water desalination instead of burning crude oil, which it wants to export. Work on the expansion scheme includes building platforms and pipelines…
Ezra to Shed FPSO, Posts Q2 Loss
Singapore's Ezra Holdings Ltd, one of the city-state's many oilfield service firms hit by a challenging market, plans to sell its stake in a floating production, storage and offloading vessel, seeking to strengthen its financial position. Ezra and its unit EMAS Offshore said they would sell their combined 78.4 percent holding in PV Keez Pte, which owns the vessel, to a global infrastructure investment firm. Terms of the deal and the name of the buyer were not disclosed. Ezra also said on Friday that it posted a loss of $282.6 million for its second quarter ended February…
Singapore Oilfield Firms Struggle to Refinance Debt
Swiber, Ezra bond trades show concerns on refinancing; bond, equity markets' volatility may push firms to pvt placement. SINGAPORE, Jan 26 (Reuters) - Two Singapore oilfield service firms are finding it tough to refinance debt maturing later this year as the slump in crude prices has made investors and lenders hesitant, banking sources said. Ezra Holdings Ltd has a S$200 million ($149 million) bond due September and Swiber Holdings Ltd has a S$85 million bond due in June . Even though the bonds are just five to eight months away from maturity, they are trading as much as 2-2.5 points below par, indicating the concerns around refinancing.
Ezra to Supply Turret Mooring System for Libra Field
Ezra Holdings Limited’s wholly owned subsidiary, London Marine Consultants (LMC), Ezra’s Floating Production, Storage and Offloading (FPSO) Turret Design outfit, has been awarded a contract by Sembcorp Marine’s subsidiary Jurong Shipyard of Singapore, to supply an external turret mooring system for the Libra field’s Extended Well Test (EWT) FPSO vessel. The Libra oil field is a large, ultra-deepwater (up to 2,500 meters) oil prospect located in the Santos Basin, about 230 kilometers off the coast of Rio de Janeiro, Brazil, north of Tupi field.
Ezra Bags $70m in Offshore Contracts
Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division, EMAS AMC, has won multiple new awards from various energy companies valued at over US$70 million. The scope of work includes subsea installation of umbilicals, flowlines and jumpers, as well as provision of services to support rigs. Work has commenced for several projects, with the others slated for offshore execution from Q4 2014 to Q2 2015. “I am delighted to see that our customers are leveraging our subsea expertise and placing their trust in our solutions and services.
Ezra Holdings Net up 10%
Singapore-based offshore oilfield services firm Ezra Holdings Ltd's quarterly net profit rose 10 percent, with full year revenue rising to a record, powered by a strong performance in its subsea services division. The company said net profit for the fourth quarter ended in August increased to $11 million and full-year revenue rose 18 percent to $1.49 billion. "The group maintains a healthy backlog of approximately $2.4 billion, with most contracts expected to be executed over the next 12 to 18 months," Ezra said in a statement. Ezra's share price closed up 5.7 percent at S$0.84 on Thursday, off a five-year low of S$0.73 hit this month.
EOC Takes Full Ownership of OSVs
On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore, from Konquest Marine Pte Ltd ("KMPL"). Completion of the Acquisition shall take place on or around 28 August 2014. Prior to the Acquisition, the Target was jointly owned by KMPL and Ezra Holdings Limited ("Ezra"), the largest shareholder of the Company, in a 50-50 proportion. Upon completion of the Acquisition and post completion of the Proposed Business Combination (as referenced in the stock exchange release by the Company on 10 July 2014…
EMAS Awarded Gunflint GoM Project
EMAS, the operating brand of Ezra Holdings, a global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, today announced that it has received a Letter of Agreement (LOA) from Noble Energy for the Gunflint Project in the Gulf of Mexico (GoM). Under the terms of the agreement EMAS’s Subsea Services division, EMAS AMC has been nominated to perform the offshore installation of pipelines, umbilicals and ancillary equipment for the Gunflint Project in the Mississippi Canyon area of the US GoM in water depths in excess of 2,000 meters.
