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Ezra to divest FPSO assets with proposed sale
Ezra Holdings has entered into a non-binding letter of intent to sell its FPSO Lewek EMAS in order to streamline resources and divert away from ownership of FPSO assets. The sale of the FPSO is done jointly with Ezra’s operating brand EMAS Offshore Production Service, wholly-owned by EMAS Offshore Limited.“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 resouces,” said Lionel Lee, group ceo and managing director of Ezra. “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 service,” Lee added. The FPSO Lewek EMAS is currently on charter to Premier Oil Vietnam Offshore BV as operator of the Chim Sao field offshore southern Vietnam.The sale of the FPSO is subject to a formal and binding agreement and obtaining the requisite approvals, and the transaction is expected to be completed by end-June this year.
EMAS Production Achieves First Oil in Vietnam with Lewek EMAS
EMAS, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, has announced that Lewek EMAS, the floating production, storage and offloading ("FPSO") for Vietnam's high-profile Chim Sao oil project, has successfully achieved first oil on 10 October 2011. The vessel is EMAS Production's latest and largest FPSO vessel. This milestone marks the commencement of the vessel's US$1 billion charter contract with Premier Oil Vietnam Offshore B.V. ("Premier"). http://www.marketwatch.com/story/emas-production-achieves-first-oil-in-vietnam-with-lewek-emas-2011-10-10
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