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2016-11-25

EMAS Offshore Limited: EXTENSION OF THE PUT OPTION WITH RESPECT TO 51.0% OF SHARES IN SJR MARINE (L) LTD

1.
INTRODUCTION

The Board of Directors (the "Board") of EMAS Offshore Limited (the
"Company") wishes to refer to the announcements released by the
Company dated 4 October 2016, 11 October 2016, 13 October 2016, 19
October 2016, 28 October 2016 and 18 November 2016 in relation to,
among others, the acquisition of shares in SJR Marine (L) Ltd ("SJR")
from Perisai Petroleum Teknologi Berhad ("PPTB", and the acquisition
of shares in SJR, the "Initial Acquisition").

In connection with the Initial Acquisition, PPTB was granted an option
to sell to the Company (the "Put Option") all of its equity interest
in SJR (which currently amounts to 51.0%) at US$43.0 million. The Put
Option is exercisable within one month from 26 November 2016 (the
"Put Option Period").

2.
EXTENSION OF THE PUT OPTION

As announced by the Company on 4 October 2016, the Company and PPTB
were in discussions and working towards resolving various issues
amongst themselves, including in relation to the Put Option. These
efforts are on-going.

The Company and PPTB have reached an agreement to defer the exercise
of the Put Option in the interim.

Pursuant to the agreement, PPTB may only exercise the Put Option at
any time after close of business on 2 December 2016 but within the
Put Option Period ("Revised Put Option Period"). In the event the Put
Option is not exercised by PPTB within the Revised Put Option Period,
the Put Option Rights shall lapse.

3.
OTHERS

Shareholders are advised to exercise caution when trading in the
Company's shares as there is no certainty or assurance as at the date
of this Announcement that any binding or definitive agreements in
relation to the Put Option will be entered into. Further
announcements will be made in due course as and when appropriate.
When in doubt as to the action they should take, shareholders and
potential investors should consult their financial, tax or other
advisers.

By Order of the Board

Shannon Ong

Company Secretary

26 November 2016

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http://news.cision.com/emas-offshore-limited/r/extension-of-the-put-opti...
http://mb.cision.com/Main/738/2131306/595551.pdf

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