The pair entered a memorandum of understanding last month to form a 50:50 subsea joint venture and on Wednesday Ezra announced it had signed a binding share sale and subscription agreement with Chiyoda.
Under the agreement, Ezra's subsea services division Emas AMC will set up a joint venture company and Chiyoda will pay $150 million in cash plus $30 million in shares for a 50% stake in the new subsea company.
Ezra said it would use the money from the sale to pay company debt, as well as put it towards working capital and general corporate requirements.
The newly formed joint venture will target complex offshore engineering, procurement, construction and installation work using Emas’ construction vessels.
By teaming up with Chiyoda, Ezra hopes to...
