Ezra, EMAS Offshore Sell Their Share in FPSO Lewek Emas

Singapore’s Ezra Holdings Limited, an integrated offshore support provider, along with its Vietnamese subsidiary EMAS Offshore Production Service, have agreed to sell their stake in the floating production, storage and offloading unit (FPSO) Lewek Emas.

Under the agreement the companies will sell at least their current combined 78.4% equity interest in PV Keez Pte Ltd, a company which owns the FPSO Lewek Emas, to a global infrastructure investment firm.

The FPSO is currently chartered to Premier Oil Vietnam Offshore BV (POVO), the operator of the Chim Sao field offshore southern Vietnam.

“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,” Lionel Lee, Group CEO and Managing Director of Ezra, said.

Ezra expects that the transaction will be completed by no later than the end of June 2016.

In January, Ezra issued a profit warning with respect to the unaudited consolidated financial results for the first quarter of the 2016 fiscal year ended November 30, 2015.

The company said that its board “is of the view that the 1Q FY2016 results will show a net loss…mainly attributable to the continuing depressed state of the oil and gas industry which has impacted activities in the global offshore marine and subsea industry.”

Affected by the challenging operating conditions in the offshore oil and gas sector, EMAS Offshore reported a net loss of USD 140.5 million on revenue of USD 30.5 million for the three months ended February 29, 2016.

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