Singapore-listed EMAS Offshore, a unit of oilfield services firm Ezra Holdings, said on Thursday it expects to re-commence financial reporting around November amidst ongoing restructuring efforts.
Due to the financial difficulties experienced by the company since its parent Ezra Holdings filed for bankruptcy protection earlier this year, EMAS Offshore has been unable to release its annual
financial and quarterly results.
In March 2017, EMAS Offshore was suspended from trading on Oslo Stock Exchange and SGX due to the failure to release earnings report.
The company said it is currently in the process of finalising its quarterly reports for the financial periods 1 June 2017 to 31 August 2017 and 1 September 2017 to 30 November 2017, which are expected to be disclosed on or around 30 November 2017 and 12 January 2018,
respectively.
With regards to restructuring, EMAS Offshore said there was no certainty or assurance relating to the investment.
Last month, BT Investment Pte., a unit of construction firm Baker Technology, and private equity firm Point Hope Pte. agreed to pump-in US$50 million as part of the proposed restructuring that will substantially deleverage the company's balance sheet and strengthen its working capital position.
The investment would result in BTI and Point Hope receiving at least a majority of the share capital of EMAS Offshore on a fully diluted basis, the company said on September 4.
