All of Emas lenders agree to refinance its debt

Emas Offshore's Lewek Constellation.
Emas Offshore's Lewek Constellation. PHOTO: EMAS OFFSHORE

SINGAPORE - Emas Offshore Ltd said the group has reached agreement with all its financial lenders to refinance its financial obligations over a period of five years from Dec 12, 2016.

The refinancing will be subject to documentation and conditions that would be set out in definitive agreements to be entered into between the parties within 60 days from Dec 12, the mainboard-listed offshore marine contractor said in a filing with the Singapore Exchange before markets opened on Tuesday (Dec 13).

The company said it will make further announcements in compliance with the listing requirements of the Oslo Bors, upon the execution of the definitive agreements and when there are material developments in respect of the ongoing initiatives.

As of Aug 31, Emas had total liabilities of around US$1 billion having reported a full year net loss of US$265.3 million.

Emas shares fell 14.3 per cent to S$0.06 on Monday.