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Winding up application filed for Emas-AMC

Hearing related to ECS subsidiary scheduled for 3 March

A winding up order has been filed against a wholly-owned subsidiary of the Emas Chiyoda Subsea (ECS) joint venture by Singaporean company Necotrans Singapore.

ECS joint venture partner Ezra Holdings revealed Wednesday it had been made aware of the winding up order against Emas-AMC following an advertisement published in the Strait Times earlier this week.

Ezra said it understood Emas-AMC was seeking advice o n the winding up application, adding a hearing for the winding up application had been fixed for 3 March.

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It comes as contractor Ocean Yield terminated a charter with Emas-AMC this month for the Lewek Connector subsea construction vessel after a two-month standstill agreement ran its course.

Despite the termination of the charter, Ezra reaffirmed that Ocean Yield would continue to participate in the discussions regarding a financial restructuring of ECS.

It also confirmed Ocean Yield was also still considering a potential short- term contract for the Lewek Connector at a reduced rate while a long-term solution is discussed.

ECS is a joint venture between Ezra (40%), along with Japanese companies Chiyoda (35%) and Nippon Yusen Kabushiki Kaisha (25%).