EMAS Offshore Limited

Sinkie

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The stock has deflated down to Nok 4.90 in Oslo
 

Alphidius

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Good... Looks like none of bros here applied...
Let's see if this counter tanks after listing...
There's always a chance to hoot later on if things are going well. :D
 

GBC

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Anyone going to short the shares next week ?
 

cloudfire

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Shion

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Singapore-listed Emas Offshore tries to terminate obligation to pay $43m

Singapore-listed Emas Offshore tries to terminate obligation to pay $43m

http://www.straitstimes.com/busines...hore-tries-to-terminate-obligation-to-pay-43m

SINGAPORE - Offshore marine contractor Emas Offshore is trying to rid itself of an obligation to pay US$43 million (S$61.3 million) to the collapsed Perisai Petroleum Teknologi as part of an agreement between the two parties four years ago.

In a statement to the Singapore Exchange late on Thursday night (Dec 8), Emas - a subsidiary of Ezra Holdings - said that it has issued a notification of termination of the share sale agreement and a separate "shareholders' agreement" due to certain breaches by Perisai.

It did not elaborate on the breaches.

Emas had been in talks with Perisai, a joint venture partner, since October to try to resolve various issues among themselves.

But despite the efforts made by both sides, they had yet to fully resolve the various issues, Emas said on Thursday.

Back in December 2012, Emas and Perisai entered into an agreement that gives Perisai the right to exercise a "put option" to sell its 51 per cent stake in subsidiary SJR Marine and a mobile offshore production unit to Emas for US$43 million. The put was originally exercisable on Nov 26.

On Dec 1, Emas said that it had reached an interim agreement with Perisai to defer the exercise of the put option to after close of business on Dec 8.

If the share sale agreement is in fact terminated, the put option will be extinguished. Perisai will remain the 51 per cent shareholder of SJR while Emas will retain its 49 per cent share.

Under the terms of the shareholders' agreement, Perisai is required to sell its 51 per cent shares in SJR to Emas for US$1 apiece, Emas said.
 

ctstalin

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Suspended in SGX following its suspension in the Norwegian exchange
 

Shion

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Emas Offshore applies for judicial management after failed rescue deals

Emas Offshore applies for judicial management after failed rescue deals

https://www.straitstimes.com/busine...judicial-management-after-failed-rescue-deals

SINGAPORE - Ailing offshore services provider Emas Offshore has applied to be placed under judicial management, it said in a bourse filing on Monday afternoon (July 22).

This comes five months after another rescue plan for the company was called off.

Judicial management is a rescue procedure to restructure a distressed company's debt. An independent judicial manager will be appointed to take control of the company's affairs, business and property in an attempt to help it survive, get a scheme of arrangement approved or a more advantageous realisation of the company's assets versus that in a liquidation.

Emas said it filed an application in the High Court of Singapore on July 19 for, among other things, a court order that it be placed under judicial management pursuant to Section 227B of the Companies Act.

With this application, a moratorium will be in place until either the order is granted for judicial management or the application is dismissed. For instance, no resolution can be passed to wind up Emas, and no steps can be taken to enforce any security over its property.

Emas said it will provide further updates on the application, in compliance with Oslo listing requirements, or when there are material developments.

The firm noted that shareholders should consult their financial, tax or other advisers when in doubt as to the action they should take.

The latest development follows failed attempts to bail out Emas or related units.

In February this year, Philippine group Udenna Corporation informed Emas that its proposed investment of US$73.29 million (S$99.7 million) would not take place, after both parties had inked a non-binding term sheet in October 2018. No reasons were given in the announcement for Udenna's decision.

The deal would have seen Udenna pumping the money into Emas' subsidiary as part of the group's financial restructuring. A portion of the funds was to have gone towards buying Emas vessels that have been secured to bank lenders.

Prior to that, in July 2018, oil and gas equipment supplier Baker Technology also pulled out of its plan to invest in Emas. Baker Technology terminated the term sheet for an equity injection of US$50 million.

Trading in dual-listed Emas was suspended in Singapore in 2017, and the stock has also been the target of delisting attempts by the Oslo Stock Exchange.

Emas is a subsidiary of former stockmarket darling Ezra Holdings, which filed for bankruptcy protection under Chapter 11 in the US in 2017 after receiving two statutory demands from creditors. Ezra's secured creditors include DBS Bank, OCBC Bank and UOB, according to documents filed in the US Bankruptcy Court.

The beleaguered offshore and marine group also failed in July 2018 to put its assets, including Emas Offshore, under a separate trust as part of its restructuring.

Last December, Ezra placed four dormant subsidiaries under creditors' voluntary liquidation. The units are AMSA Offshore, Emas Ghana, Emas Offshore Angola and Fodemas.

Earlier this month, Triyards Marine Services, a subsidiary of Ezra's shipyard arm Triyards, was ordered to wind up. Its creditor Tractors Singapore had applied for the liquidation, and the court order was issued on July 5.
 

ccostagmont

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Offshore ftw!!!

Good times coming soon!!!

Sent from Xiaomi REDMI NOTE 5A PRIME using GAGT
 
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