Attorneys for contractor Emas Chiyoda Subsea (ECS) were due in court on Wednesday in Houston to discuss a range of initial motions on its Chapter 11 bankruptcy filing made earlier this week.
The intricate case involves some 15 Emas subsidiaries based in areas ranging from Houston, Singapore, Aberdeen, Thailand and Saudi Arabia.
"As a result of the global slowdown in the oil and gas industry, there has been low growth and limited new deep water exploration and production leading to low vessel utilization, which has had a negative impact on the company’s financial situation," the company wrote in an initial filing explaining the case to the court.
"Despite
