Potential investment for Emas Offshore called off
Tay Peck Gek
Singapore
THE US$73.29 million proposed investment that the ailing Emas Offshore was looking forward to has been called off.
In a regulatory filing on Wednesday, Emas Offshore said it had been informed by Udenna Corporation that the proposed investment into the offshore services provider would not take place.
No reasons were given in the announcement for Udenna's decision.
Udenna and Emas inked a non-binding term sheet last October, that could have seen the former pumping the money into Emas Offshore's subsidiary, Emas Offshore Pte Ltd, as part of the financial restructuring of the group.
A portion of the funds was to have gone towards buying Emas vessels that have been secured to various bank lenders.
Udenna had a five-week period to do its due diligence.
Bids to bail out Emas or related units have failed before.
Oil and gas equipment supplier Baker Technology pulled out of a rescue plan last July, when a term sheet for an equity injection of US$50 million was scrapped.
Trading in dual-listed Emas was suspended in Singapore in 2017, and the stock has been the target of delisting attempts by the Oslo Stock Exchange.
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