A long dispute between Emas Offshore and its partner Perisai Petroleum Teknologi has been settled.
The Singapore-listed company has agreed to acquire Perisai’s shares in SJR Marine, a jointly owned company, for $43m.
Emas disputed the put option exercised by Perisai in respect of the latter’s stake in SJR earlier this month.
Under the new agreement, Emas will have to pay $20m in cash and offer evidence to Perisai that it has secured a term loan facility of $21.5m.
Emas said: “It enables the group to avoid a protracted legal dispute with Perisai, which can be expected to be time consuming for the management and costly to the group.”
SJR Marine is a single purpose company that owns one vessel. Emas said it would now be focused on securing charters for the ship.
