APPLICATION BY THE JUDICIAL MANAGERS OF EMAS OFFSHORE LIMITED FOR A FURTHER EXTENSION OF THE JUDICIAL MANAGEMENT ORDER AND TIME TO SUBMIT THE STATEMENT OF PROPOSALS AND CONVENE THE CREDITORS’ MEETING

The Board of Directors (the “Board”) of EMAS Offshore Limited (the “Company”) refers to its announcements dated  20 December 2019 and 14 January 2020 (collectively, the “Announcements”) in relation to the Company’s application to the High Court of Singapore (“Court”) for an extension of the validity of the JM Order and time to submit the Statement of Proposals (as defined below) and convene the Creditors’ SOP Meeting (as defined below) (“Extension Application”). Unless otherwise defined, all definitions used herein bear the same meaning ascribed to them in the Announcements.

On 10 January 2020, the Court granted the Extension Application and made the following orders:

  1. the validity of the JM Order granted in HC/ORC 7093/2019 dated 21 October 2019 be extended for a period of 6 months from 20 April 2020 until 20 October 2020; and
  1. the Judicial Managers be given an extension of time of 6 months until 20 June 2020 to provide the Company’s creditors and members with the Judicial Managers’ Statement of Proposals (as defined below) and convene the Creditors’ SOP Meeting (as defined below).

The Company wishes to announce that work being undertaken by the Judicial Managers to achieve the purposes stated in the JM Order is ongoing. In addition, progress on negotiations with potential investors has been delayed as a result of COVID-19.

The Company wishes to announce that, pursuant to the Judicial Managers’ application to Court for a further extension of the validity of the JM Order and time to submit the Statement of Proposals (as defined below) and convene the Creditors’ SOP Meeting, the Court has, on 18 June 2020, granted the Judicial Managers’ application and made the following orders:

  1. the validity of the JM Order granted in HC/ORC 7093/2019 dated 21 October 2019, which was extended to 20 October 2020 pursuant to HC/ORC 184/2020 dated 10 January 2020, be further extended for a period of 6 months from 20 October 2020 until 20 April 2021; and
  1. the Judicial Managers be given an extension of time of 6 months until 20 December 2020 to provide the Company’s creditors and members with the Judicial Managers’ statement of proposals for achieving one or more of the purposes stated in the JM Order for whose achievement the order was made (“Statement of Proposals”) and convene a meeting of the Company’s creditors (“Creditors’ SOP Meeting”).

The Company will provide further updates pertaining to the judicial management of the Company in compliance with the listing requirements of the Oslo Bors or when there are material developments

When in doubt as to the action they should take, shareholders should consult their financial, tax or other advisers.

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

The Judicial Managers
EMAS OFFSHORE LIMITED (UNDER JUDICIAL MANAGEMENT)

1 July 2020

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