Japanese consortium EAS yields own participation in the Brazilian ship yard Estaleiro Atlântico Sul



The consortium Japanese Japan EAS Investimentos and Participações Ltda (JEI), that it is participated to 66.4% from navalmeccanica society IHI Corporation, to 14.9% from the navalmeccanica society Japan Marine United Corporation (in its turn participated to 45.9% from the same IHI) and to 24.6% from the ingegneristico group, industrial and technological JGC Corporation, will yield own quota in the Brazilian ship yard Estaleiro Atlântico Sul (EAS), that it had been acquired in 2013 ( on 14 June 2013). The quota consortium JEI in the Brazilian yard, that it is pairs to 33.333% of the capital, will be yielded the other shareholders of the South American society, that is the Brazilians Camargo Corrêa Naval and Participações and Queiroz Galvão Navale who currently stop both 33.333% of the share capital.

IHI Corporation has explained today that the acquisition of the participation in Estaleiro Atlântico Sul, yard in a position to producing to all the types of mercantile ships let alone structures and systems for the offshore industry, was carried out in a moment in which was an increasing asks of oil and natural gas and in which Brazil increased the investments in the structures and the systems for the development of the resources offshore. "However - it has continued the Japanese company - recently the perspectives of the investment of JEI in EAS negatively are influenced by various factors, between which the recession in Brazil and the scandal for the corruption and the relative investigations that involve the Petrólero Brasileiro (Petrobras), than, between other things, have had an impact on Silks Brasil, an active counterpart of EAS in the field of the perforations, and on the payments regarding EAS in the within of its contracts with Brasil Silks. This has done so as that the performances EAS financial institutions have turned out inferior to how much previewed from JEI when had acquired the participation in EAS. Moreover, because of the financial difficulties due to the recession in Brazil and the been extended bending of the price of the oil, the Petrobras has remarkablly cut its investment plans and IHI cannot expect that the conditions of the market of the development of structures for the exploitation of the resources offshore, for which IHI had realized the investment, will improve in the short term. In these surrounding IHI and the other shareholders of the JEI they have decided to transfer the entire shareholding of the JEI in the EAS to the Camargo Corrêa group and the group Queiroz Galvão, and IHI has decided to abandon every involvement in the EAS". IHI however has specified to consider that in the mean and along term Brazil can constitute an interest market and has specified that it will maintain own centers in the South American nation.