Ezra says winding-up application filed against associate's unit, applies for 60-day extension to report Q1 results

Ezra Holdings said it is assessing the impact of the winding-up application against EMAS-AMC on the group.
Ezra Holdings said it is assessing the impact of the winding-up application against EMAS-AMC on the group.PHOTO: EZRA HOLDINGS

SINGAPORE - Embattled oil services firm Ezra Holdings reported late Tuesday night (Feb 14) of a winding-up application against EMAS-AMC Pte Ltd, a wholly owned unit of its associate Emas Chiyoda Subsea (ECS).

Ezra said in a Singapore Exchange filing that it was notified through a newspaper advertisement on Feb 13 that a Singapore-incorporated company, Necotrans Singapore Pte Ltd, had filed the application with Singapore's High Court on Feb 6.

Hearing of the application is fixed on March 3.

Ezra said it understands that EMAS-AMC is currently seeking advice on the winding up application and is also assessing the impact of the application on the group. Ezra did not give reasons for the application being filed.

Ezra also updated that EMAS-AMC was served a notice of termination on Monday relating to the bareboat charter of offshore vessel Lewek Connector owned by Oslo-listed Ocean Yield.

EMAS-AMC had entered into a short term standstill agreement with Ocean Yield over the repayment of the vessel charter for the months of December 2016 and January 2017.

Ezra said Ocean Yield will, however, continue to participate in the discussions regarding a financial restructuring of ECS and that, in the meantime, it is considering a short term contract for the vessel to a related company of Ezra. Ezra added that it is open to enter into discussions with Ocean Yield.

Lastly, Ezra said it has applied to SGX for an extension of 60 days, instead of 30 days, to release its financial results for its fiscal first quarter ended Nov 30, 2016.