Emas Chiyoda Subsea, already plagued by multiple legal actions against it for non-payment, has been dealt a further blow by Helix Energy Solutions who have forced the foreclosure of the EMAS Marine Base in Ingleside, Texas.
Emas AMC, now a subsidiary of Emas Chiyoda Subsea, acquired the spoolbase in January 2014 from Helix in a $45m transaction which it has since defaulted on. The foreclosure auction for the base has been scheduled for March 7.
The 120 acre deepwater support facility and pipeline fabrication base serves offshore and subsea activities in the US Gulf of Mexico and Mexico’s Bay of Campeche.
Last week, Splash reported that Japan’s NYK, who owns a 25% stake in Emas Chiyoda Subsea, was considering an exit from the joint venture. Norway’s Kristian Siem and Subsea 7 were rumoured to be taking over the stake, however NYK told Splash that it was still considering its options regarding the jv.
In addition to the Texas base foreclosure, Emas Chiyoda Subsea has also had one of its vessels, Lewek Express, arrested by Bibby Offshore in a Texas court case over $14.7m owed from an $18.1m contract performed in Trinidad in 2016.
Singapore’s Ezra Holdings, which owns a 40% stake in the subsea joint venture, is also facing a potential legal battle with Norway’s Forland Subsea serving a statutory demand to pay more than $3m in unpaid charter fees as guarantor for Emas Chiyoda Subsea. Ezra has just a few days to pay up or face an application to be wound up by the High Court of Singapore.
EMAS AMC has also been hit with a winding up application, filed by logistics provider Necotrans Singapore, with a hearing set for March 3.
EMAS filled for Chaper 11
stick a fork in those dudes…they are done!!!