EMAS raises new shares for Singapore offering

Singapore: EMAS Offshore Limited (EMAS) has raised over 48 million new shares, ready for an offering on the Singapore Stock Exchange on October 8th to raise share capital for what will be one of the largest offshore support operators in Asia.

EMAS received orders for 48,585,000 new shares at an order price of SG$1.21 per share by the end of the order period on October 2nd. This implies a total increase in the company’s share capital of around $46.2 million.

Shareholders in EMAS’ parent company Ezra Holdings voted in August to consolidate the group’s EMAS Marine offshore support services division with its Oslo-listed associated company, EOC Limited, which provides platform and engineering services.

Ezra Holdings Limited has transferred all the shares in its Offshore Support Services division to EMAS for a consideration of $520 million. EMAS says this “[paves] the way for the Company to become a leading offshore support services provider”.

EOC listed on the Oslo Børs exchange in 2007 so this secondary listing of EMAS in Singapore makes the company the first to dual-list in Norway and Singapore for raising capital. [03/10/14]

 

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