Having announced last week that it had terminated an agreement with Malaysia’s Perisai Petroleum Teknologi regarding a put option on a 51% stake in joint-owned company SJR Marine, EMAS Offshore says that the Malaysian company had in fact exercised its right to the option.
The option obligates Emas Offshore, part of Singapore’s Ezra Holdings, to buy the remaining 51% stake of SJR Marine for a little over $43m. SJR Marine owns pipelaying barge, the Enterprise 3.
Negotiations had been ongoing between the two companies however last week EMAS Offshore said a resolution could not be reached and moved to terminate the agreement based on “certain breaches” of the share sale agreement by Perisai. Successful termination would give it the right to purchase the $43m stake for a total of $1.
Emas Offshore owns an 11.8% stake in Perisai Petroleum Teknologi, who’s board of directors includes Emas Offshore CEO Captain Adarash Kumar.
Despite this, Perisai Petroleum Teknologi is disputing the termination and the companies appear to be in discussions once again.