Failed Emas Chiyoda fights to keep contracts of $1bn alive

Crisis-stricken Emas Chiyoda Subsea (ECS) is battling to preserve its hard-won offshore backlog of “more than $1bn”.

To do this, it has secured a new cash lifeline from two industrial backers and filed for US bankruptcy protection to keep “more than 1,000 creditors” at bay.

ECS and its affiliates have filed for Chapter 11 with $655m in debt and half the fleet in layup, according to testimony from ECS general counsel Stephen McGuire to the US Bankruptcy Court for the Southern District of Texas.