Subsea 7 in advanced talks for stake in Singapore's EMAS Chiyoda Subsea

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10 May 2017

London-based offshore contractor Subsea 7 is in advanced talks to invest in Singapore's troubled EMAS Chiyoda Subsea, according to a recent plan of reorganization submitted to U.S. Bankruptcy Court.

The latest development represented a significant step forward for EMAS Chiyoda Subsea, which was forced to file for Chapter 11 bankruptcy protection in the U.S. in February, after a prolonged slump in global oil prices created unsustainable operating conditions in the ultra-competitive offshore and subsea construction market.

more [source: CNBC]