Emas Chiyoda Subsea has placed its Norway based wholly owned subsea subsidiary, EMAS-AMC AS under members’ voluntary liquidation in Norway.
This announcement is made separately to the company’s previous announcement to seek financial restructuring through chapter 11 of U.S. Bankruptcy Code, and ECS clarifies that EMAS-AMC AS has not filed for such protection.
“The liquidation of EMAS-AMC AS was independently decided by the board of directors of EMAS-AMC AS to be in the best interest of all EMAS-AMC AS’s stakeholders as EMAS-AMC AS’s financial position has been significantly impacted by the global oil and gas downturn, and there are limited prospects for the company in Norway in the foreseeable future,” Emas Chiyoda said in a press release.
EMAS-AMC AS is said to have close to 90 employees.