Singapore's EMAS Offshore has revealed that a vital new investment in the company is in jeopardy.
It signed a term sheet in December with white knight BTI, a subsidiary of BakerTechnology, which was looking to invest up to $50m in the heavily-indebted company in return for a majority stake.
BTI has now told EMAS that given the restructuring OSV owner's present situation, it is "no longer willing to pursue the current formulation of the BTI restructuring proposal that was presented before the court."
But it is prepared to propose fresh terms and has asked for more time to provide these for EMAS' consideration.
EMAS however has said it has received expressions of interest from other potential investors.
This relates to its business operations and platform, as well as certain ships it owns.
EMAS is asking the Singapore court for a four-month extension of its moratorium to carry out further talks.
A hearing has been postponed until 23 July, but the moratorium now runs up to this date.
In April, EMAS avoiding delisting in Oslo, after the stock exchange's appeals committee repealed a decision to remove the stock, without giving a reason.
In February, the bourse said EMAS was “not suitable for listing” and said it would be delisted on 27 April.
It added EMAS was “not in a position to comply with its financial reporting obligations”.
But its refinancing had made progress since then and a continued Oslo listing was a key condition of the restructuring.
