Forland Subsea AS has entered into a time charter party with a major international contractor for the Lewek Inspector. The expected charter period is about three weeks and the vessel will start working this week.
Offshore Support Vessel Lewek Inspector - Image courtesy: Burks
In connection with the above, Forland Subsea and Emas AMC have entered into a stand-still agreement for the duration of the short- term charter. The stand-still agreement allows Forland Subsea to charter the Lewek Inspector without terminating the charter party with Emas AMC. Forland Subsea has reserved all of its rights under the Emas AMC charter party and will evaluate its options at the expiry of the stand-still agreement. In the meantime, the company continues to monitor the Emas Chiyoda situation closely.
The obligations of Emas AMC are guaranteed by Ezra Holdings Limited, listed on the Singapore Stock Exchange. Forland Subsea has called on payment under the guarantee, however, no payments have been received to date. In response to the non-payment Forland Subsea served a Statutory Demand against Ezra Holdings Ltd in Singapore. If payment under the guarantee continues to be outstanding following the expiry of a three weeks' notice period, Forland Subsea may initiate winding-up procedures before the Singapore courts.
Presently, it is uncertain whether payment under the guarantee will be made.
Source: Forland Shipping