Ezra Holdings Limited (“Ezra”) and Chiyoda Corporation (“Chiyoda”) today announced that they have signed a binding Memorandum of Understanding (“MOU”) for Chiyoda to invest in Ezra’s Subsea Services business, EMAS AMC, to form EMAS CHIYODA Subsea – a 50:50 Joint Venture.

EMAS AMC has established itself as a leading subsea Engineering, Procurement, Construction and Installation (“EPCI”) contractor with world class construction vessels such as the Lewek Constellation.

Through this partnership, EMAS CHIYODA Subsea will be able to undertake larger and more complex offshore EPCI projects through a combination of capabilities and resources in the following areas:

- Project management capability backed by technologically advanced assets
- Global network of engineering centres
- Supply chain management capability and global vendor networks
- Wider global client networks
- Research and development capabilities in engineering and construction technologies
- Financial strength

Chiyoda’s involvement will begin early in the concept development phase of offshore projects together with EMAS CHIYODA Subsea, where the ability to influence cost is the greatest. EMAS CHIYODA Subsea will then use its technologically advanced fleet and operational expertise to deliver these solutions offshore.

Mr Shogo Shibuya, President and CEO of Chiyoda, said, “This is a very important milestone for us. It has been Chiyoda’s corporate strategy to strengthen the offshore upstream portfolio as Chiyoda’s next core business.

“With the establishment of EMAS CHIYODA Subsea, we are in a position to provide comprehensive services to our clients, from early phase concept study to EPCI, throughout the lifecycle of any offshore oil and gas project. Chiyoda is excited about this new opportunity and glad that we can jointly work with an excellent subsea player, EMAS AMC.”

Mr Lionel Lee, Group CEO and Managing Director of Ezra, said, “This JV will allow us to realise our vision of being a trusted partner and leader in the subsea construction business. It will enable us to undertake large complex EPCI projects, as well as full field developments, which combine onshore and offshore facilities. Chiyoda will be able to lend tremendous support in many areas of our business operations.”

The closing of the joint venture transaction1 is subject to, amongst other things, the approval of Ezra’s shareholders and the satisfaction of other customary closing conditions. Assuming these conditions are met, the transaction is expected to close by the end of 2015.

About EMAS Hoding Limited

EMAS – a leading global contracting group providing offshore/subsea construction, marine, production and well intervention services – is Ezra’s operating brand. With offices across six continents, it delivers solutions to the oil and gas industry by combining its global footprint and proven engineering skills with a diverse offering of premium assets and services designed to fully meet clients’ needs.

Operating in unison, Ezra’s core divisions are able to execute a full spectrum of seabed-to-surface engineering, construction, marine and production services globally.

EMAS AMC is a global EPCIC service provider of comprehensive subsea-to-surface solutions for the offshore oil and gas industry, especially in the SURF and Subsea Tie- Back sector. Core business services include subsea installation of umbilicals/power cables, pipelines as well as platforms, FPSO and floater installations.

Other businesses include EMAS Marine, which manages and operates offshore support vessels; EMAS Energy, which provides well intervention and drilling services both onshore and offshore; and TRIYARDS, a leading fabricator of specialised offshore vessels with yards in Singapore, Houston and Vietnam.

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.

About Ezra and Chiyoda

Founded in 1992, Ezra is a leading contractor and provider of integrated offshore solutions to the oil and gas industry. Under the EMAS branding, Ezra operates in more than 16 locations across six continents spanning Africa, the Americas, Asia, Australia and Europe.

Chiyoda is a world leading Front End Engineering Design (FEED) and Engineering, Procurement and Construction (EPC) company in the oil and gas industry, with a history of almost 70 years of project experiences world-wide.