EMAS Offshore Limited

02/17/2017 | Press release | Distributed by Public on 02/17/2017 09:37

Update On Status Of The Refinancing Of Financial Obligations


The Board of Directors (the "Board") of EMAS Offshore Limited (the "Company", together with its subsidiaries, the "Group") refers to the announcement released by the Company dated 13 December 2016 (the "Announcement") where the Company announced that the Group has signed a term sheet with all its financial lenders to refinance its financial obligations ("Refinancing") over a period of 5 years from 12 December 2016 and the Refinancing will be subject to documentation and conditions that would be set out in definitive agreements (the "Definitive Agreements") to be entered into between the parties within sixty (60) days from 12 December 2016. Unless otherwise defined, capitalised terms used herein shall have the same meanings ascribed to them in the Announcement.
The Board wishes to announce that the Company and all its financial lenders are still in the process of negotiating and finalising the Definitive Agreements. The Company has requested its financial lenders to grant an extension of time to finalise the Definitive Agreements within sixty (60) days from 10 February 2017.
The Company will make further announcements in compliance with the listing requirements of the Oslo Bors, upon the execution of the Definitive Agreements and/or when there are material developments in respect of the Ongoing Initiatives.
Shareholders of the Company (the "Shareholders") are advised to exercise caution when trading in the Company's shares as there is no certainty or assurance as at the date of this Announcement that the Definitive Agreements will be entered into or the Ongoing Initiatives will be undertaken or completed at all. When in doubt as to the action they should take, shareholders and potential investors should consult their financial, tax or other advisers.
By Order of the Board
Shannon Ong
Company Secretary
17 February 2017