Ezra and EMAS Offshore sell FPSO Lewek EMAS

Ezra and EMAS Offshore sell FPSO Lewek EMAS

Ezra Holdings and EMAS Offshore have announced that they have accepted a non-binding letter of intent to sell at least their current combined 78.4% equity interest in PV Keez to a global infrastructure investment firm.

PV Keez is a single purpose company that owns FPSO Lewek EMAS, which is chartered to Premier Oil Vietnam Offshore at the Chim Sao field offshore southern Vietnam.

The transaction is expected to be completed by no later than the end of June 2016. The price for the deal was not revealed.

“This transaction is fully in line with the Group’s strategy to move away from ownership of FPSO assets and will allow us to streamline our resources. Furthermore, it will allow us to move towards capitalising on the capabilities and experience we have harnessed from FPSO conversions and to build a franchise based on providing higher value-added services,” said Lionel Lee, group ceo and managing director of Ezra.

“This transaction will enable us to strengthen our financial position and refocus the company’s business in the offshore support sector during the current challenging times in the oil and gas sector,” Captain Adarash Kumar, EMAS Offshore’s chief executive officer added.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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