UPDATE ON APPLICATION BY EMAS OFFSHORE LIMITED TO BE PLACED UNDER JUDICIAL MANAGEMENT

The Board of Directors (the “Board”) of EMAS Offshore Limited (the “Company” and together with its subsidiaries, the “Group”) refers to its announcements on 22 July 2019 and 13 September 2019 in relation to the Company’s application in the High Court of the Republic of Singapore (“Court”) on 19 July 2019 for inter alia an order that the Company be placed under judicial management pursuant to Section 227B of the Companies Act (Cap. 50, 2006 Rev Ed) (“Companies Act”) (“JM Application”).

Further to these announcements, the Company wishes to announce that the hearing of the JM Application has been adjourned by the Court until 21 October 2019, 230pm.

The Company will provide further updates pertaining to the JM Application 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.

By Order of the Board

Lee Kian Soo

Director

24 September 2019