In a regulatory filing, Singapore’s EMAS Offshore Limited reported that Philippines-based holding company Udenna Corporation has terminated its proposed investment in the company and its wholly owned subsidiary Emas Offshore Pte Ltd. No reason was given for the termination of the non-binding term sheet, which would have been part of the ailing Singaporean offshore vessel operator’s financial restructuring.
Under the non-binding term sheet, Udenna Corporation would have made an investment of approximately US$73M to acquire certain vessels owned by EMAS Offshore Limited currently secured to various bank lenders of the group and for the vessels without any encumbrance, mortgage or security interest at the close of the proposed transaction. It also would have invested in EMAS Offshore Limited.
The termination of the deal leaves EMAS Offshore looking for other investors that would either acquire the company's vessels or inject capital into its operation to help it emerge from bankruptcy. One of Asia’s largest offshore support service companies, EMAS Offshore Limited is a business division of Singapore’s Ezra Holdings Limited. It has a fleet of 50 vessels, including anchor handling tug supply vessels, platform supply vessels, multipurpose support vessels, launch and accommodation work barges, crewboats and pipelay heavy-lift construction and offshore accommodation vessels.
In its diverse portfolio, Udenna Corporation has investments in petroleum through Phoenix Petroleum Holdings and shipping and logistics through Chelsea Logistics Holding Corp.
Last year, Baker Tech’s wholly owned subsidiary BT Investment dropped its rescue plans for a US$50M equity injection into EMAS Offshore Limited.
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