Ocean Yield cancels Lewek Connector charterContracts, Tenders and Rates // February 14, 2017
Referring to a stock exchange announcment dated 16 December 2016, in which Emas Chiyoda Subsea requested a short-term standstill agreement relating to the bareboat charter of Lewek Connector, Ocean Yiled says that, in order to protect its legal interest, a notice of termination related to the bareboat charter has now been served.
The company will, however, continue to participate in discussions regarding a financial restructuring of Emas Chiyoda Subsea.
Ocean Yield said it is also considering a potential short-term contract for the vessel to a related company of Ezra
Holdings Ltd, at a reduced rate, while a long-term solution is being discussed.
As a consequence, an impairment charge of approximately US$35 million will be considered by the board of directors in the company's fourth quarter 2016 results.