UPDATE ON STATUS OF THE REFINANCING OF FINANCIAL OBLIGATIONS
The Board of Directors (the "Board") of EMAS Offshore Limited (the "Company",
together with its subsidiaries, the "Group") refers to the announcement released
by the Company dated 13 December 2016 (the "Announcement") where the Company
announced that the Group has signed a term sheet with all its financial lenders
to refinance its financial obligations ("Refinancing") over a period of 5 years
from 12 December 2016 and the Refinancing will be subject to documentation and
conditions that would be set out in definitive agreements (the "Definitive
Agreements") to be entered into between the parties within sixty (60) days from
12 December 2016. Unless otherwise defined, capitalised terms used herein shall
have the same meanings ascribed to them in the Announcement.
The Board wishes to announce that the Company and all its financial lenders are
still in the process of negotiating and finalising the Definitive Agreements.
The Company has requested its financial lenders to grant an extension of time to
finalise the Definitive Agreements within sixty (60) days from 10 February 2017.
The Company will make further announcements in compliance with the listing
requirements of the Oslo Bors, upon the execution of the Definitive Agreements
and/or when there are material developments in respect of the Ongoing
Shareholders of the Company (the "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 the Definitive Agreements will be entered
into or the Ongoing Initiatives will be undertaken or completed at all. 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
17 February 2017