Ezra Holdings cancels newbuilds at Karmsund

has announced that is has been informed by the Norwegian shipyard Karmsund Maritime Service (KMS) that KMS will not be able to complete and
deliver two vessels it is building for Ezra Holdings' subsidiary Lewek Shipping in accordance with the contracts for the vessels. As a result, Lewek Shipping is cancelling the contracts.
Under the terms of the contracts, Lewek is entitled to a refund of the advance payments made to KMS, totalling NKr 186 million.
Lewek is now in the midst of demanding the repayment of NKr 186 million from the bank who provided refund guarantees in respect of the contracts and will release further information at the appropriate or relevant juncture in the future.
KMS was building to VS 490 anchor handlers for Lewek.