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Ezra clarifies Forland did not drop repayment pursuit for vessel

Friday, February 3, 2017 - 21:48

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Oil and gas services provider Ezra Holdings on Friday night clarified that a creditor had not agreed to drop its pursuit of repayment of a payment owed by Ezra, which was reported otherwise earlier in the day.

OIL and gas services provider Ezra Holdings on Friday night clarified that a creditor had not agreed to drop its pursuit of repayment of a payment owed by Ezra, which was reported otherwise earlier in the day.

It also said the default on payments is ongoing, a reversal from a one-month default as reported earlier.

Earlier on Friday, Ezra said Norwegian shipowner Forland Subsea AS had agreed not to pursue repayment of a defaulted charter payment for October 2016, due November last year, from a unit of Emas Chiyoda called EMAS-AMC AS.

The payment was supposed to be for chartering a vessel, "Lewek Inspector", which is owned by Forland.

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Ezra also said earlier that the obligation to Forland was guaranteed by Ezra, and Forland had not called upon Ezra as guarantor to repay the default.

But a few hours later, Ezra clarified that Emas-AMC AS "has defaulted on payments of charter hire since October 2016".

It also added that Forland Subsea AS had not agreed not to pursue repayment of the default.

Instead, Forland had made demands on Ezra, as guarantor, to make payment for the outstanding charter hire of the "Lewek Inspector".

Ezra also added that Forland had reached a temporary agreement with EMAS-AMC AS on Dec 19, 2016, whereby the "Lewek Inspector" will complete its ongoing project at offshore Congo.

Trading of Ezra shares remains halted.

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