Chiyoda seals subsea JV with Ezra
Joint-venture go-ahead will elevate international standing of Ezra's subsea business, says the company's group chief executive
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JAPAN'S leading oilfield services contracting group, Chiyoda Corporation, sealed its 50 per cent acquisition of Ezra Holdings' subsea business unit, Emas AMC, quelling market speculation over the Japanese player's commitment towards executing a subsea joint venture (JV) agreement it entered into with its Singapore-based partner in late-August 2015.
Chiyoda has proven the sceptics wrong, electing to go ahead instead to complete the acquisition, which called for the Japanese outfit to pay out US$150 million in cash to Ezra and inject US$30 million into the newly UK-registered JV, Emas Chiyoda Subsea.
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