Ezra, Chiyoba ink subsea MOU

Offshore staff

SINGAPORE – Under a binding memorandum of understanding with Ezra Holdings Ltd., Chiyoda Corp. will invest in Ezra’s subsea services business, EMAS AMC, to form EMAS CHIYODA Subsea, a 50/50 joint venture.

Ezra said that the partnership creates opportunity for EMAS AMC to expand its subsea-to-surface offering while allowing Chiyoda to expand its offshore and upstream portfolio.

Chiyoda’s involvement will begin early in the concept development phase of offshore projects together with EMAS CHIYODA Subsea, where the ability to influence cost is the greatest. EMAS CHIYODA Subsea plans to use its fleet and operational experience to deliver these solutions offshore.

The closing of the joint venture transaction is subject to, amongst other things, the approval of Ezra’s shareholders and the satisfaction of other customary closing conditions. Assuming these conditions are met, the transaction is expected to close by the end of 2015.

08/28/2015

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