July 2014 picture shows a Perisai Petroleum Teknologi Bhd maiden jack-up drilling rig, Perisai Pacific 101 at PPL Shipyard in Singapore -
KUALA LUMPUR: Singapore-listed EMAS Offshore Ltd (EOL) is seeking legal advice in response to Perisai Petroleum Teknologi Bhd's recent announcement that a put option on the sale of its equity in SJR Marine to EOL had been revived.
In an announcement dated Aug 17, Perisai attested that the proposed settlement agreement between the two companies "had become ineffective" as the long-stop period had lapsed on July 23, 2017.
According to Perisai, in accordance with the terms of the proposed settlement agreement, a put option granted by EOL for Perisai to sell its 51% equity stake in SJR Marine to EOL had thus been revived
EOL responded in a stock exchange filing over the weekend that it is seeking legal advice and "will make further announcements in compliance with the listing requirements of the Oslo Bors when there are material developments".
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
