Baker Tech's subsidiary and Point Hope pledge S$50m to EOL

A WHOLLY-OWNED subsidiary of Singapore-listed Baker Technology is one of two investors to have pledged a combined US$50 million to the financially challenged offshore support vessel owner-operator, Emas Offshore Limited.

The subsidiary, BT Investment Pte Ltd (BTI), and a second identified investor, Point Hope Pte Ltd, have committed equity investments of US$50 million in all or US$25 million from each party, under a binding term sheet signed with EOL.

The investment amount will result in the two investors receiving at least a majority of the share capital of EOL on a fully diluted basis, the OSV-focused entity said in disclosure released after Monday trading close.

EOL also stated that the execution of the term sheet is subject to, among others, approval from its shareholders and a restructuring exercise having been sanctioned by Singapore's High Court.