Emas, Perisai still at loggerheads over SJR Marine put option

Singapore’s offshore vessel provider Emas Offshore, and Malaysia’s counterpart Perisai Petroleum are still at loggerheads over a put option agreement entered into in 2012.

Perisai owns a 51 percent stake in SJR Marine, a company which owns the ‘Enterprise 3’ derrick lay barge, with Emas owning the remaining 49 percent.

The two companies agreed to include a put option in 2012, under which Perisai could sell its stake to Emas $43 million, and Emas would be obliged to pay up.

Perisai exercised the the put option in December 2016. Emas did not follow through with the acquisition of the SJR Marine stake citing some certain “breaches” by Perisai, leading to a dispute between the companies.

The two companies then reached a provisional settlement deal to resolve the issue over the $43 million put option, whereby Emas would pay in two installments, however, following several delays, the deal lapsed, leading Perisai to start working on executing the put option again.

Perisai then on August 17, 2017, said it had given Emas 30 days to pay, under the original put option terms.

In response, Emas on Wednesday, September 27, told Perisai that the two companies’ settlement agreement had lapsed, and that Perisai was obliged to sell the 51% shares in SJR Marine to Emas at the stated price of $1.00, and that Emas was awaiting for Perisai’s completion documents to be delivered to the company.

As expected, Perisai has disputed Emas’ claims, “and maintains that the alleged termination is invalid and ineffective.”

“The Company will make such further announcement on the development on the above matter as and when necessary,” Perisai said.

Offshore Energy Today Staff

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