Ocean Yield extends Ezra OSV deal

Norwegian owner adds three months plus options to charter to bankrupt company.

Norway's Ocean Yield has extended a bareboat charter of an OSV to bankrupt Ezra Holdings.

The restructuring Singapore owner will keep the 11,000-dwt Lewek Connector (built 2011) for another three months at $40,000 per day.

There are also options for Ezra to extend the deal for another two months at the same rate.

The companies began a stop-gap four-month charter in February.

Ocean Yield had issued a notice of termination to EMAS Chiyoda Subsea for the previous charter, after it ran into financial difficulties. It later filed for bankruptcy protection.

Ezra holds 40% of EMAS Chiyoda.

Ocean Yield carried a $35m provision in its fourth quarter accounts as a result.

TradeWinds has previously reported that the Lewek Connector contract accounts for around 7% of Ocean Yield’s revenue.