Baker Tech cancels US$50m rescue deal for EOL

Singapore

OILFIELD services provider Baker Technology has called off a plan that aimed to raise US$50 million of rescue financing for offshore support vessel (OSV)-focused Emas Offshore Limited (EOL). On Monday, Baker Tech said its subsidiary, BT Investment (BTI), has terminated a binding term sheet with EOL.

The term sheet signed in December 2017 called for BTI and its co-investors to inject US$50 million of new equity into EOL. BTI will no longer be proceeding with the investment, Baker Tech said without elaborating further.