Emas Offshore hit by charter default claims

Norwegian-listed contractor Emas Offshore’s financial woes are mounting as it struggles to keep up payments on some existing contracts, despite extending its debt repayments by up to five years.

Ocean Yield and Forland Subsea have claimed that Emas has failed to keep up payments for the respective bareboat charters of Lewek Connector and Lewek Inspector.

The vessels are on charter to the Emas Chiyoda Subsea (ECS) joint venture, in which Ezra, Chiyoda and Nippon Yusen Kabushiki Kaisha (NYK) hold respective stakes of 40%, 35% and 25%.

Forland