Subsea 7 moves in for EMAS Chiyoda Subsea stake

Subsea 7 moves in for EMAS Chiyoda Subsea stake

UK offshore contractor Subsea 7 is in advanced talks to take over a major stake in Singapore’s hard hit EMAS Chiyoda Subsea, according to a recent plan of reorganisation submitted to a bankruptcy court in the US.

EMAS Chiyoda Subsea filed for Chapter 11 bankruptcy protection in February.

Under plans submitted to the court, Subsea 7 aims to take over the subsea contractor and restructure many of its subsidiaries, while liquidating others it views as unprofitable. Chiyoda Corporation is also sponsoring the plan.

No price has been mentioned for the deal.

“The debtors believe that the plan is in the best interests of creditors when compared to all reasonable alternatives,” stated the filing to the Southern District of Texas division of the US bankruptcy court.

EMAS Chiyoda Subsea is a joint-venture run by Ezra Holdings, Chiyoda Corporation and Nippon Yusen Kaisha (NYK).

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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