Offshore vessel operator EMAS Offshore, part of Singapore’s Ezra Holdings, has announced that a non-binding term sheet signed with Udenna Corporation in October 2018 has been terminated.
The agreement, if executed, would have seen Udenna inject $73.29m into Emas Offshore.
Dennis Uy-led Udenna, based in the Philippines, is the parent company of Pheonix Petroleum and Chelsea Logistics Holdings.
The agreement is the second for Emas Offshore which has failed to materialise, and again delays its restructuring efforts. Last July, BT Technologies pulled the plug on a $50m rescue deal and shortly after moved to acquire CH Offshore instead.