Emas agrees to settle put option fight with Malaysian associate Perisai

Singapore

OILFIELD services provider Emas Offshore has settled a dispute with its Malaysian associate, Perisai Petroleum Teknologi Berhad, over a put option Perisai has exercised to oblige Emas to shell out US$43.03 million to buy over Perisai's entire 51 per cent stake in the two companies' joint venture, SJR Marine.

To settle the dispute fully and finally, Emas agreed on Friday to pay up for the 51 per cent SJR stake if several conditions are met within the next four months or an agreed-upon long stop settlement date, it said in a Singapore Exchange filing on Friday.