Shareholders approve subsea tie-upCompany News // December 14, 2015
Ezra Holdings Limited has received approval from shareholders for its proposed 50:50 subsea joint venture with Chiyoda Corporation.
At the company’s Extraordinary General Meeting (EGM) 99.97 per cent of shareholders voted in support of Chiyoda’s investment in Ezra’s subsea services business, EMAS AMC, to form EMAS CHIYODA Subsea.
The combined entity will be able to leverage on Chiyoda’s technical expertise, global experience, capabilities and coverage to enhance its capabilities to take part in larger and more complex tenders and consolidate ECS’s position as a leading player in the industry, especially in the EPCI segment.
In addition, Chiyoda’s strong network of global clients will allow ECS to gain access to a larger customer base and in turn, potentially increase the geographical reach provided by these new customers.
The joint venture with Chiyoda will also create avenues for synergies across the subsea value chain, including integration from concept phase to execution for EPCI projects. This new exposure to the concept development phase also provides ECS with greater flexibility to influence costs and tailor-make comprehensive solutions for clients.
“We are delighted by the show of support from shareholders for this partnership with Chiyoda. Our shareholders’ confidence in our partner and EMAS CHIYODA Subsea stands as a testament to the ongoing strategy to accelerate the growth of our subsea services business. With the benefit of an expanded expertise in EPCI projects, we look forward to greater opportunities and conquering new challenges,” said Mr Lionel Lee, Group CEO and Managing Director of Ezra.