Request From The Charterer Emas AMC AS
Monday 19 December 2016
Ocean Yield ASA ("Ocean Yield" or the "Company") has been
contacted by EMAS AMC AS, being the charterer of the vessel
Lewek Connector, with a request to enter into a short-term
standstill agreement relating to the bareboat charter of the
vessel for the months of December 2016 and January 2017.
Given the challenging offshore market, the parent company of
EMAS AMC AS, EMAS Chiyoda Subsea, has initiated discussions
with its creditors in order to restructure and recapitalise
the company.
EMAS Chiyoda Subsea is owned 40% by Ezra Holdings Ltd., 35%
by Chiyoda Corporation and 25% by Nippon Yusen Kabushiki
Kaisha ("NYK").
EMAS-AMC AS' obligations under the charterparty for the Lewek
Connector are guaranteed by Ezra Holdings Limited, listed on
the Singapore Stock Exchange.