EMAS Offshore suspended from trading in Oslo and Singapore

Embattled Ezra Holdings operating unit EMAS Offshore has been suspended from trading on both the Singapore Exchange and Oslo Bors.

The dual-listed offshore stock was suspended from trading on the Oslo Bors the Financial Supervisory Authority of Norway on Friday. The suspension was imposed for the failure by EMAS Offshore to submit an audited annual report for 2016, the deadline for which 31 December 2016.

As result the company's shares were also suspended from trading on SGX today 6 March.

Last week associate company, joint venture EMAS Chiyoda Subsea (ECS) filed for Chapter 11 bankruptcy protection in the US. On EMAS Offshore parent Ezra revealed it had at least a $900m exposure to ECS that was not covered by the Chapter 11 bankruptcy protection, and any default on could lead to "immediate going concern issues".

Posted 06 March 2017

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Marcus Hand

Editor, Seatrade Maritime News

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