The Oslo Bors is looking to have struggling Singapore offshore vessel operator EMAS Offshore removed from the exchange at the second attempt.
It has passed a resolution to have the shares delisted with effect from 28 September 2018.
The Financial Supervisory Authority of Norway made the decision earlier this week. EMAS said it has three weeks to appeal the decision.
EMAS, which is part of the Ezra group, said it is seeking legal advice and will provide further updates when there are material developments.
This is the Oslo Bors second attempt to delist EMAS this year, after it passed the first resolution in February. The company succeeded in appealing against it in April.
Early in July EMAS Offshore’s hopes of securing a restructuring white knight fell apart when it lost a key new investor.
BakerTechnology subsidiary BTI tore up a term sheet signed in December to pump in up to $50m in return for a majority stake.
BTI had said given the OSV owner’s present situation, it was “no longer willing to pursue the current formulation of the BTI restructuring proposal that was presented before the court.”
