Ezra and Chiyoda Signs Joint Venture Agreement
Singapore’s oilfield services provider Ezra Holdings has announced that Japanese oil and gas industry engineering company, Chiyoda Corporation, has completed its investment into Ezra’s subsea services business, Emas AMC, to form a 50:50 joint venture, Emas Chiyoda Subsea.
The duo entered into a joint venture deal in August 2015 saying that the new firm would be able to carry out larger and more complex offshore EPCI projects through a combination of capabilities and resources. The deal was followed by Ezra’s shareholders approval in December.
Ezra and Chiyoda completed the transaction and launched the joint venture on Thursday, March 31, and Emas Chiyoda Subsea will start operations with effect from April 1, 2016.
In addition to the new company being able to carry out larger, and more complex projects, Ezra said that Chiyoda’s network of clients, including Japanese clients, would allow Emas Chiyoda Subsea to extend its current geographical reach.
Shogo Shibuya, President and CEO of Chiyoda, said, “The formalisation of this joint venture with Ezra is a significant step towards strengthening Chiyoda’s offshore upstream portfolio. With our combined expertise and resources, EMAS CHIYODA Subsea is well-positioned to provide services throughout the life cycle of any offshore oil and gas project.”
Lionel Lee, Group CEO and Managing Director of Ezra, said, “With the completion of this Joint Venture, we are able to increase our scope of services and provide more value to our clients and partners.”