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EMAS Offshore continues talks with lenders on refinancing

EMAS Offshore Limited has updated investors that the company and all its lenders are continuing to negotiate and finalise agreements on refinancing of financial obligations.

Last December, EMAS Offshore signed a term sheet with all its lenders to refinance its financial obligations over a five-year period from 12 December 2016, with the refinancing subject to documentation and condition set out in definitive agreements.

“The company has requested its financial lenders to grant an extension of time to finalise the definitive agreements within 60 days from 10 February 2017,” EMAS Offshore stated.

The offshore services firm is currently operating in a challenging business environment due to the continual weakness in the global offshore oil and gas market.

Singapore-listed EMAS Offshore had reported a loss of $2.21m for its first quarter ended 30 November 2016, and revenue fell by 15% year-on-year to $42.54m.

EMAS Offshore is the offshore support and production services division of Ezra Holdings. Ezra itself is also facing financial troubles arising from various obligations owed to lenders and trade creidtors, as well as debts owed by another associated company EMAS Chiyoda Subsea (ECS).

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