Singapore-based Ezra has signed a memorandum of understanding (MoU) that will see Japanese engineering company Chiyoda investing in its subsea services business, Emas AMC, to form a $1.25bn 50/50 joint-venture (JV), named Emas Chiyoda Subsea.

Ezra, which provides integrated offshore solutions to the oil and gas industry, operates in over 16 locations across six continents, under the EMAS branding.

The latest partnership will enable Emas Chiyoda Subsea to undertake complex offshore EPCI projects by combining capabilities and resources in project management capability.

"With the establishment of Emas Chiyoda Subsea, we are in a position to provide comprehensive services to our clients."

Emas Chiyoda Subsea will also combine its global network of engineering centres and supply chain management capability in addition to engineering and construction technologies and financial strength.

Initially, Chiyoda will collaborate with the JV company to focus on the development phase of offshore projects.

Later on, it will deliver the solutions offshore using its technologically advanced fleet and operational expertise.

Chiyoda president and CEO Shogo Shibuya said: "With the establishment of Emas Chiyoda Subsea, we are in a position to provide comprehensive services to our clients, from early phase concept study to EPCI, throughout the lifecycle of any offshore oil and gas project."

Ezra group CEO and managing director Lionel Lee said: "This JV will allow us to realise our vision of being a trusted partner and leader in the subsea construction business.

"It will enable us to undertake large complex EPCI projects, as well as full field developments, which combine onshore and offshore facilities."

The JV transaction is slated for completion by this year end.