TERMINATION OF NON-BINDING TERM SHEET FOR PROPOSED INVESTMENT
The Board of Directors (the “Board”) of EMAS Offshore Limited (the “Company” and together with its subsidiaries, the “Group”) refers to its announcement made on 26 October 2018 (“Previous Announcement”) in relation to a non-binding term sheet dated 25 October 2018 (“Non-Binding Term Sheet”) between the Company and its wholly-owned subsidiary, Emas Offshore Pte Ltd (“EOPL”), and Udenna Corporation (“Udenna”) in connection with a proposed transaction (“Proposed Transaction”) as part of the financial restructuring of the Group (“Restructuring”). Unless otherwise defined, terms used in the