UPDATE ON REVISED FINANCIAL CALENDAR

The Board of Directors of EMAS Offshore Limited (“EOL” or the “Company”) wishes to announce that EOL has on even date released the unaudited financial report for the period ending 28 February 2017 (“1H FY2017”).

The Company is currently working on the unaudited 2H FY2017 financial report in light of the ongoing restructuring efforts of the Company and certain of its subsidiaries as well as the Audited FY2016 Annual Report whereby the respective release dates (including the date of the Annual General Meeting 2016) will be updated in due course.

This announcement is subject to disclosure in accordance with section 5-12 of the Norwegian Securities Trading Act and section 4.6 of the Continuing Obligations.

By Order of the Board

Lee Kian Soo

Director

13 December 2017

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