EMAS CHIYODA Subsea places Norway based subsidiary, EMAS-AMC AS, in liquidation

EMAS CHIYODA Subsea places Norway based subsidiary, EMAS-AMC AS, in liquidation

28 February 2017
For immediate release

EMAS CHIYODA Subsea Limited (“ECS” or “the Company”), a major player in the subsea sector, announced today that EMAS-AMC AS , its Norway based wholly owned subsea subsidiary, has been placed under members’ voluntary liquidation in Norway.  This announcement is made separately to the Company’s previous announcement to seek financial restructuring through chapter 11 of U.S. Bankruptcy Code, and ECS clarifies that EMAS-AMC AS has not filed for such protection.

The liquidation of EMAS-AMC AS was independently decided by the board of directors of EMAS-AMC AS to be in the best interest of all EMAS-AMC AS’s stakeholders as EMAS-AMC AS’s financial position has been significantly impacted by the global oil and gas downturn, and there are limited prospects for the Company in Norway in the foreseeable future.

In line with the Company’s restructuring strategy, ECS will continue to engage and work closely with all creditors to achieve the best possible consensual restructuring outcome for all interested parties.  Guided by its values of safety, customer focus, people, excellence and integrity, ECS intends to establish a foundation for long-term stability and success for the future.

Further information regarding the company’s announcement today to file for reorganisation under chapter 11 can be found on the ECS website https://emaschiyoda.com.

 

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