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Ezra Holdings cancels contracts for 2 deepwater vessels


Published Mar 10, 2009
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Ezra Holdings Limited

Ezra Holdings Limited says that Karmsund Maritime Service AS has informed Lewek Shipping Pte Ltd, a wholly owned subsidiary company of Ezra, that KMS will not be able to complete and deliver the vessels under and in accordance to the respective contracts signed. As a result, Lewek is cancelling these contracts.

Under the terms of the Contracts, Lewek is entitled to a refund of the advance payments made to KMS, totalling NOK 186 million. Lewek is now in the midst of demanding the repayment of NOK 186 million from the bank who provided refund guarantees in respect of the contracts.

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