Bankruptcy proceedings against EMAS-AMC AS
Bankruptcy proceedings are opened against EMAS-AMC AS. Håvard Wiker is appointed as administrator of the estate.
The company has been part of the global EMAS CHIYODA Subsea Group and owns several subsidiaries and has ownership interests in other offshore companies. The parent company, EMAS CHIYODA Subsea Ltd, is partly owned by Ezra Holdings Ltd. which is listed on the Singapore Stock Exchange. In addition, Ezra Holdings Ltd. owns EMAS Offshore Ltd., which is listed on the Oslo Stock Exchange.
The company has been a provider of subsea and offshore services, primarily in the North Sea, with an operational fleet of around 10 ships, whereof two to three have been operated from Oslo. In 2015 the company had a yearly revenue of USD 411 mill. and at the time of the bankruptcy the company’s debt amounted to nearly USD 300 mill.
The EMAS Group has been working with a comprehensive, global restructuring for a long time. However, in the beginning of February 2017, it became clear that the Norwegian EMAS-AMC AS wouldn’t be part of the restructuring. On February 28, several companies of the the EMAS Chiyoda Subsea Group, filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code.