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Emas Offshore seeks legal advice on settlement agreement with Perisai Petroleum

SINGAPORE's Emas Offshore Limited (EOL) said it was seeking legal advice in respect of Perisai Petroleum Teknologi's recent announcement that the proposed settlement agreement in relation to put options in their joint venture SJR Marine has been aborted as the long-stop period has lapsed.

"The company is seeking legal advice in respect of the matters set out in the Perisai Announcement. The company will make further announcements in compliance with the listing requirements of the Oslo Bors when there are material developments," said EOL over the weekend. EOL, a subsidiary of Ezra Holdings, is also listed on the Oslo bourse.

On Aug 17, Perisai said that it had requested a confirmation from EOL on the status of the conditions precedents (CPs) that it was required to fulfil and that on Aug 15, EOL had confirmed that it had not received any representation from OCBC which would allow it to conclude whether or not the CPs would be satisfied.

Perisai added that EOL had further confirmed that the long-stop period be extended only up to July 23, 2017.

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As the period has since lapsed, Perisai said that the proposed settlement agreement has become ineffective and the put option granted by EOL to Perisai in relation to SJR Marine has been "revived accordingly".

"This gives Perisai the right to sell its 51 per cent equity interest in SJR Marine to EOL. Perisai is pursuing to complete the put option, which shall take place 30 days from Aug 17, 2017 in accordance with the terms of the Put Option notice served on EOL earlier," said Perisai.