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2016-12-08

EMAS Offshore Limited: TERMINATION 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, 18 November 2016, 26 November 2016 and
1 December 2016 in relation to, among others, the acquisition of
shares in SJR Marine (L) Ltd ("SJR") from Perisai Petroleum Teknologi
Berhad ("PPTB").

2. TERMINATION

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. On 1
December 2016, the Company announced that it had reached an interim
agreement with PPTB to defer the exercise of the Put Option to after
close of business on 8 December 2016.

The Company wishes to announce that despite efforts made by parties,
the Company and PPTB had yet to fully resolve the various issues
amongst themselves. The Company had today:

(a) issued a notification of termination of the Share Sale Agreement entered between the Company and PPTB dated 30 November 2012 and three supplemental agreements dated 5 December 2012, 28 March 2013, and 28 June 2013 (collectively, the "SSA") due to certain breaches of the SSA by PPTB which were not remedied within the stipulated period set out in the SSA;

(b) issued a notification of a termination of the Shareholders' Agreement dated 26 December 2013 entered between PPTB, the Company and SJR ("SHA") due to certain breaches of the SHA by PPTB ("Termination Notice").

Upon the termination of the SSA, the Put Option will be extinguished.
PPTB will remain the 51% shareholder of SJR and the Company will
remain the 49% shareholder of SJR.

Pursuant to the terms of the SHA and upon termination of the SHA, PPTB
is required to sell its 51% shares in SJR to the Company. The Company
will acquire these shares at the price of US$1.00 which completion
shall take place on the 30th day from the receipt of the Termination
Notice.

3. OTHERS

Shareholders are advised to exercise caution when trading in the
Company's shares. 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

8 December 2016

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http://news.cision.com/emas-offshore-limited/r/termination-of-the-put-op...
http://mb.cision.com/Main/738/2145250/601579.pdf

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