Forland finds work for vessel defaulted on by Emas Chiyoda Subsea

Forland finds work for vessel defaulted on by Emas Chiyoda Subsea

Norwegian owner Forland Subsea says that it has entered into a time charter party with a major international contractor for the Lewek Inspector.

The charter period is around three weeks with work scheduled to commence this week.

The vessel was on charter to Emas AMC, part of Emas Chiyoda Subsea, the subsea joint venture 40% owned by Singapore’s Ezra Holdings and Japan’s Chiyoda Corporation (35%) and NYK (25%).

The Emas Chiyoda Subsea subsidiary defaulted on charter payments worth over NOK25.5m ($3.09m) in December last year. On February 7, Forland served Ezra Holdings, who guaranteed the charter, with a statutory demand giving Ezra three weeks 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 and a hearing is set for March 3.

While Forland and Emas AMC have signed a stand-still agreement in order for Forland to win new business for the vessel, Forland said that no payments have been received from Ezra Holdings as yet.

The Ezra-led joint venture is also locked in a legal battle in Texas with Bibby Offshore over unpaid debts of around $14.7m.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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