Emas Offshore to get US$50m injection

Singapore

A WHOLLY owned subsidiary of Singapore-listed Baker Technology and a buyout firm have pledged to pump a total of US$50 million into Emas Offshore Limited (EOL), a financially challenged offshore support vessel owner-operator.

The Baker unit, BT Investment Pte Ltd (BTI), and Point Hope Pte Ltd, a Singapore-based private equity buyout company, have each committed equity investments of US$25 million under a binding term sheet signed with EOL.