Ezra Holdings and Chiyoda Corporation Announce the Establishment of EMAS CHIYODA Subsea Joint Venture

Ezra Holdings and Chiyoda Corporation Announce the Establishment of EMAS CHIYODA Subsea Joint Venture

March 31, 2016

SINGAPORE 31 MARCH 2016

Ezra Holdings Limited (“Ezra”) and Chiyoda Corporation (“Chiyoda”) today announced the transaction completion to form EMAS CHIYODA Subsea, a 50:50 Joint Venture aimed at targeting larger Engineering, Procurement, Construction and Installation (“EPCI”) projects and a wider global customer base to provide more value to clients and partners.

Under terms of the agreement, Chiyoda Corporation has completed its investment in Ezra’s subsea services business, EMAS AMC, to form the Joint Venture, sending a clear signal that each party is committed to the long-term viability and growth of the subsea and offshore industry, despite current dampened market conditions.

Through this partnership, EMAS CHIYODA Subsea will be able to leverage the combined capabilities and global track record of EMAS AMC and Chiyoda. The expanded offering and diverse project execution track record provides a crucial platform for EMAS CHIYODA Subsea to win and successfully execute larger EPCI projects while creating efficiencies across the subsea industry value chain.

Mr Shogo Shibuya, President and CEO of Chiyoda, said, “The formalisation of this Joint Venture with Ezra is a significant step towards strengthening Chiyoda’s offshore upstream portfolio. With our combined expertise and resources, EMAS CHIYODA Subsea is well-positioned to provide services throughout the life cycle of any offshore oil and gas project. This transaction also demonstrates our commitment towards the future of the subsea business.”

Mr Lionel Lee, Group CEO and Managing Director of Ezra, said, “ The formation of EMAS CHIYODA Subsea JV will enable us to target very key projects globally that are perfectly matched to our unique combination of high performing assets and state-of-the-art facilities and will additionally help support developments that combine onshore and offshore facilities. We appreciate the strong show of support from Chiyoda and our shareholders in this partnership, and we look forward to a very long and successful relationship as Joint Venture partners.”

The rebranded company — EMAS CHIYODA Subsea — will be a seamless transition for all of our partners, customers and current projects. Processes, local offices, vessel operations, management team and project personnel will remain the same. EMAS CHIYODA Subsea’s primary focus will be on demonstrating the enhanced capabilities and resources that we will be able to provide to our clients.

ABOUT EZRA HOLDINGS LIMITED

Ezra, operating under the EMAS brand is a leading contractor and provider of integrated offshore/subsea construction, marine, production and well intervention services to the global oil and gas industry. With offices across six continents, it delivers best-value solutions to the oil and gas (O&G) industry through a combination of proven engineering skills and a diverse offering of premium assets and services designed to fully meet clients’ needs.
www.emas.com SGX mainboard listing: December 2005

ABOUT CHIYODA CORPORATION

Chiyoda, headquartered in Yokohama, Japan, has constantly leveraged its experience and far-reaching global network to give it an unrivalled advantage and has been at the forefront of the relentless drive for innovative plant design and world-class project execution. Chiyoda has designed and constructed LNG plants accounting for more than 40 percent of the world’s total LNG capacity.
http://www.chiyoda-corp.com/en/index.html

ABOUT EMAS CHIYODA SUBSEA

EMAS CHIYODA Subsea combines EMAS’ expertise as a recognized provider of integrated offshore solutions with Chiyoda’s world-leading Front End Engineering Design (FEED) and Engineering, Procurement and Construction (EPC) capabilities. With a fleet of modern subsea construction vessels, state-of-the-art facilities and a track record of successful project execution, EMAS CHIYODA Subsea (ECS) is an innovative, flexible and reliable service provider of comprehensive subsea-to-surface solutions to the oil and gas industry throughout the entire oilfield lifecycle.
https://emaschiyoda.com

Investor Relations enquiries:

EZRA Holdings
IR@emas.com

Chiyoda Corporation
MR TOMOYUKI TSUKAMOTO
+81 45 225 7734

MR MASARU AKAMATSU
+81 45 225 7734

Media enquiries:

EMAS CHIYODA Subsea
MRS JEANNE RIGHTER LOWE
+1 832 276 6166
Jeanne.righter@emaschiyoda.com