Emas Offshore, an offshoot of under pressure Ezra Holdings of Singapore, has settled a dispute with Malaysia’s Perisai Petroeum Teknologi over a $43m put option dating back to December 2012.
The deal gave Perisai the right to exercise a put option to sell its 51% stake in subsidiary SJR Marine, a single purpose company owning an out of work ship, to Emas for $43m.
The proposed settlement agreement, which will require Emas to pay $20m in cash over the next few months while deferring payment on the other $23m for up tp 15 years, “significantly reduces the cash upfront vis-à-vis what would have been under the previous terms of the put option”, Emas said on Friday.
