Update on Publication of Audited FY 2016 Annual Report – Risk of Trading Suspension of Shares

Reference is made to the stock exchange announcement made by EMAS Offshore Limited (“EOL” or the “Company”) on 7 February 2017 regarding the publication date for the FY 2016 audited annual report (the “AR2016”). Reference is further made to the announcement from the Oslo Stock Exchange of 20 February 2017 placing the Company’s shares on special observation.

The Company will not be in a position to release the AR2016 within two months fthe publication deadline, and with reference to Circular 20/2009 issued by the Financial Supervisory Authority of Norway (the “NFSA”), there is hence a risk that the shares of EOL will be suspended from trading with effect from 1 March 2017. Such suspension is likely to be implemented both on Oslo Stock Exchange and the SGX-ST.

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

The Company is dual listed on the Oslo Stock Exchange and the Singapore Stock Exchange.

For further information, please contact: Mr. Hsu Chong Pin

EMAS Offshore Limited

Tel: +65 6800 1202

investor_relations@emasoffshore-cnp.com

Singapore, 28 February 2017