Emas Offshore, part of Singapore’s Ezra Holdings, has once again been told it will be delisted from the Oslo Stock Exchange after The Financial Supervisory Authority of Norway resolved to impose the exchange to delist the struggling company.
In April, Emas Offshore successfully appealed a decision by Oslo Børs to delist the company. The decision to delist the company, announced in February, was made due its failure to comply with its financial reporting obligations.
Emas Offshore had been working on a proposed restructuring which involved a $50m cash injection from Singapore design and construction firm Baker Technology and private equity firm Point Hope. However, the restructuring fell apart last month when Baker Technology pulled the plug on the deal.
The last listing date for Emas Offshore shares has been set for September 28, and the company has three weeks to appeal the decision.