UPDATED UNAUDITED FINANCIAL INFORMATION PROVIDED TO THE HIGH COURT OF THE REPUBLIC OF SINGAPORE

1.         Introduction

1.1       The Board of Directors (the “Board”) of EMAS Offshore Limited (the “Company” and together with its subsidiaries, the “Group”) wishes to refer to the previous announcement released by the Company dated 2 October 2017 (the “Previous Announcement”) where the Company announced and attached the report on the valuation of the significant assets (“Report”) of the Company and its wholly-owned subsidiaries, Emas Offshore Pte Ltd (“EOPL”) and Emas Offshore Services Pte Ltd (“EMSS”)  and the forecasts and profitability and cash flow from the operations (“Forecast”) of the Group, EOPL and EMSS (collectively the “Information”) submitted to the High Court of the Republic of Singapore (the “High Court”) in connection with the application to the High Court under section 211(B)(1) of the Companies Act (Chapter 50) by the Company, EOPL and EMSS (the “Applications”). Unless otherwise defined, terms used in the Previous Announcement shall have the same meanings when used herein.

1.2        Subsequent to the submission of the Reports to the High Court, each of the Company and EOPL submitted an amended Report to restate the following Information that were inadvertently omitted and misstated in the Reports: -

(a)   in respect of the Company, an amended Report was submitted to restate the non-preferential unsecured creditors liabilities; and

(b)   in respect of EOPL, an amended Report was submitted to restate the secured assets position and secured creditors liabilities as well as consequential amendments. 

1.3        Please find attached hereto the amended Reports provided to the High Court.

2.         General

The Board wishes to emphasise that the Information, the Reports and the amended Reports were prepared in connection with the Applications and have not been subject to an audit review. All financial projections are preliminary and subject to change and the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. As projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect, the actual results achieved may vary significantly from the forecasts, and the variations may be material. 

The Information, the Reports and the amended Reports are not to be relied on for any purpose other than in connection with the Applications. In particular and without limitation, nothing contained in the Information, the Reports and the amended Reports should be relied on in connection with any transaction relating to any shares, or any assets of, or the making of any investment in, any member of the Group.

The Company will make further announcements in compliance with the listing requirements of the Oslo Børs when there are material developments in respect of the Restructuring.

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

By Order of the Board

Lee Kian Soo

Director

30 October 201720171030 - Report

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