Singapore offshore support vessel owner EMAS Offshore has finally lost a two-year battle to retain its Oslo listing.
A resolution was first made in August 2018 by Finanstilsynet, Norway's Financial Supervisory Authority, to delist the restructuring company due to "repeated and outstanding violations of the rules on financial reporting", EMAS said.
The company appealed the decision to the Norway's Ministry of Finance a month later.
The ministry has now ruled that the resolution of Finanstilsynet should be upheld.
The deadline for delisting has been set at 21 September.
EMAS confirmed the last listing day would be 18 September.
Court management in place
The company, owned by Ezra Holdings, was hit by the offshore vessel slump of the mid-2010s.
EMAS asked last summer for Singapore's High Court to place it under judicial management. This is in place until October.
In June last year, the company paid outstanding invoices to the Oslo bourse to allow it to keep its listing.
EMAS will retain its Singapore listing despite two rescues by white-knight investors failing in the past two years.
Philippines shipping tycoon Dennis Uy scrapped a bail-out bid in February last year.
The company is still listed by Clarksons as controlling a fleet of 36 OSVs, including platform supply vessels and anchor-handling tug supply ships.
