Emas Offshore applies for judicial management

Singapore’s struggling offshore vessel operator Emas Offshore has filed an application with the high court of the Republic of Singapore to be placed under judicial management.

Illustration; An Emas Offshore vessel - Image by SPMac - shared with permission from the photographer
Illustration; An Emas Offshore vessel – Image by SPMac/Flickr – shared with permission from the photographer

Emas said on Monday it had submitted the application to the court on July 19, 2019. According to the company, the judicial management application will be heard on a date to be set by the court.

Emas Offshore said the during the period between the judicial management application, and the placement under judicial management -or the dismissal of the application, the company will be protected by a moratorium.

The moratorium will prevent any resolution or order for the winding up of the company and will prevent any steps to enforce any charge on the company’s property or goods in Emas’ possession.

Emas further stated that no other proceedings, no execution or another legal process would be started or continued, and no distress could be levied against Emas or its property except with leave of the court.

In its announcement, Emas told its shareholders that any action they might take should be in consultation with their financial, tax or other advisers.

Earlier this year, Philippine corporation Udenna broke off negotiations over a potential investment of $73 million in Emas Offshore.

Udena decided not to go ahead forward with the investment even though the two companies signed a non-binding term sheet over a potential investment in Emas back in October 2018.

Offshore Energy Today Staff

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