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Updated Unaudited Financial Information Provided to the High Court of the Republic of Singapore

2017-10-02 23:46
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SINGAPORE, October 2, 2017 /PRNewswire/ --

1. Introduction

1.1 The Board of Directors (the "Board") of EMAS Offshore Limited (the "Company" and together with its subsidiaries, the "Group") wishes to refer to the announcement released by the Company dated 26 September 2017 where the Company announced that the High Court of the Republic of Singapore (the "High Court") had issued a Moratorium with respect to each of the Company, Emas Offshore Pte Ltd ("EOPL"), and Emas Offshore Services Pte. Ltd ("EMSS") (the "Singapore Filing Entities") pursuant to which, the High Court inter alia ordered the Singapore Filing Entities to submit to the Court the following:

(a) report on the valuation of each of its significant assets;

(b) forecasts and the profitability and the cash flow from the operations of the Group, EOPL and EMSS

1.2 Please find attached hereto the information provided to the High Court in respect of the above stated orders. The Board wishes to emphasise that the information attached hereto has not been subject to an audit review.

2. General

The Company will make further announcements in compliance with the listing requirements of the Oslo Børs when there are material developments in respect of the Restructuring.

This announcement is subject to disclosure in accordance with section 5-12 of the Norwegian Securities Trading Act.

By Order of the Board

Mr Lee Kian Soo

Director

2 October 2017

EMAS Offshore Limited

Financial Position as at 31-Jul-17

ASSETS

Amount

(US$)

Estimated

Realisable Value

(US$) Notes

Assets not charged

Cash and bank balances 2,060,604 2 ,060,604

Other receivables 66,545 - Note 1

Deposits 526,537 3 6,198 Note 2

Prepayments 307,379 - Note 3

Amount due from intercompanies 508,494,381 - Note 4

Investment in subsidiaries 27,867,005 - Note 5

Investment in joint venture companies 103,391,990 - Note 6

Total assets not charged 642,714,441 2 ,096,802

Assets subject to charges

Other investment - -

Total assets subject to charges - -

Total assets 642,714,441 2 ,096,802

LIABILITIES Amount (US$)

SECURED LIABILITIES

Liabilities secured by charges

Bank loans and payables 1 04,673,986

Total Secured Creditors 1 04,673,986

UNSECURED LIABILITIES

Preferred Unsecured Creditors

Provision For Income Tax 1 33,306

GST net payable 3 ,276

Total Preferred Unsecured Creditors 1 36,583

Non-preferential unsecured Creditors

Bank loans and payables 1 94,525,481

Contingent claims 7 5,035,110

Other payables 1 38,433,902

Amount due to intercompanies 3 99,396,975

- Ezra/ Ezra subsidiaries 1 57,520,735

- EOL/ EOL subsidiaries 2 41,876,177

- EOL/ EOL JV or associates 6 3

Total Non-preferential unsecured Creditors 8 07,391,469

Total Unsecured Creditors 8 07,528,051

Total Liabilities 9 12,202,038

Net Assets / (Liabilities) (910,105,236)

EMAS Offshore Limited

Financial Position as at 31-Jul-17

Notes

Note 1 - Other receivables

Note 2 - Deposits

Note 3 - Prepayment

Prepayment amount would be offset against amount in arrears hence assessed to be not recoverable.

Note 4 - Amount due from intercompanies

Note 5 - Investment in subsidiaries

Note 6 - Investment in joint venture companies

Deposits that are held with vendors with no outstanding arrears assessed to be 100% recoverable. Other deposits such as retainer fees to offset against amount in arrears are assessed to be not recoverable.

Recoverability of intercompany receivables is based on each intercompany's distribution of its estimated realisable assets amongst its unsecured creditors.

As each intercompany has insignificant estimated realisable assets after distribution to its secured creditors, amount due from intercompanies is estimated to be nil.

Joint venture companies are in estimated net total liability position with no excess recoverable value within the Joint venture company's accounts for distribution to shareholders.

Significant assets of the company are vessels held within subsidiaries of the company. These vessels are charged assets (with the exception of Lewek Lea) with insufficient estimated realisable value to pay off the secured debt. Subsidiaries are in estimated net total liability position with no excess recoverable value within the subsidiary's accounts for distribution to shareholders.

Pertain to payment for setting up of new entity, assessed to be non-refundable.

EOL Vessel Listing

S/N Entity Vessel name Vessel type

Vessel tonnage BHP Year built

1 Emas Offshore (L) Bhd Lewek Scarlet AHTS NA 1 2,240 2009

2 Emas Offshore (L) Bhd Lewek Plover AHTS NA 1 0,800 2008

3 Emas Offshore (L) Bhd Lewek Petrel AHTS NA 1 0,800 2008

4 Emas Offshore (L) Bhd Lewek Stork AHTS NA 1 2,240 2005

5 Emas Offshore (L) Bhd Lewek Ebony AHTS NA 5 ,220 2007

6 Emas Offshore (L) Bhd Bayu Martin AHTS NA 7 ,340 2007

7 Lewek Alphard Shipping Pte Ltd Lewek Alphard PSV 5 ,000 9 ,928 2014

8 Lewek Altair Shipping Pvt Limited Lewek Altair PSV 3 ,100 6 ,222 2009

9 Lewek Altair Shipping Pvt Limited Lewek Atlas PSV 3 ,570 5 ,444 2007

10 Lewek Antares Shipping Pte Ltd Lewek Atria PSV 3 ,266 6 ,222 2010

11 Lewek Antares Shipping Pte Ltd Lewek Antares PSV 2 ,900 6 ,222 2011

12 Lewek Crusader Shipping Pte Ltd Lewek Crusader OAV/Barge NA NA 2011

13 Lewek Aries Pte Ltd Lewek Aries PSV 3 ,486 7 ,080 2008

14 Lewek Conqueror (BVI) Ltd Lewek Conqueror Barge NA NA 2004

15 Lewek Chancellor Shipping Pte Ltd Lewek Chancellor Barge NA NA 2007

16 Lewek LB1 Shipping Pte Ltd Lewek LB1 Barge NA NA 2006

17 Lewek LB1 Shipping Pte Ltd Lewek Lea Barge NA NA 2006

18 Lewek Shipping Pte Ltd Lewek Fulmar AHTS NA 3 0,000 2011

19 Lewek Shipping Pte Ltd Lewek Sapphire AHTS NA 5 ,040 2005

20 Lewek Shipping Pte Ltd Lewek Harrier AHTS NA 8 ,000 2006

21 Lewek Shipping Pte Ltd Lewek Ivory AHTS NA 5 ,200 2001

22 Lewek Shipping Pte Ltd Lewek Andes PSV 5 ,279 8 ,716 2012

23 Lewek Shipping Pte Ltd Lewek Aquarius PSV 5 ,380 8 ,716 2012

24 Lewek Shipping Pte Ltd Lewek Teal AHTS NA 2 1,456 2012

25 Lewek Shipping Pte Ltd Lewek Penguin AHTS NA 1 0,800 2007

26 Lewek Shipping Pte Ltd Lewek Leopard AHTS NA 5 ,150 2011

27 Lewek Shipping Pte Ltd Lewek Lion AHTS NA 5 ,150 2010

28 Lewek Shipping Pte Ltd Lewek Roller AHT NA 4 ,000 2006

Emas Offshore Pte Ltd

Financial Position as at 31-Jul-17

ASSETS Amount (US$)

Estimated

Realisable Value

(US$) Notes

UNSECURED ASSETS

Cash and bank balances 5,059,178 5,059,178

Stocks 1,045,849 - Note 1

Fixed assets 101,940,579 - Note 2

Trade receivables 14,437,878 14,437,878 Note 3

GST receivable 87,937 87,937

Deposits 93,674 93,674 Note 4

Prepayments 3,384,866 - Note 5

Amount due from intercompanies 18,816,788 - Note 6

Total unsecured assets 144,866,749 19,678,667

Total assets 144,866,749 19,678,667

LIABILITIES Amount (US$) Notes

SECURED CREDITORS

Secured contingent liabilties 73,366,612

Total Secured Creditors 73,366,612

UNSECURED CREDITORS

Trade and other payables 126,638,818

Accruals and Provisions 12,608,441

Amount due to intercompanies 143,528,613

Ezra/Ezra Subsidiary 3,055,639

EOL/EOL Subsidiary 132,085,224

EOL/ EOL JV or associates 8,387,750

Total Unsecured Creditors 282,775,872

Total Liabilities 356,142,485

Net Assets / (Liabilities) (336,463,817)

Notes

Note 1 - Stocks

Pertains to fuel on board vessels hence assessed to be not recoverable.

Note 3 - Trade receivables

Deemed to be collectible based on historial collection pattern and receipts subsequent to 31 July 2017 .

Note 4 - Deposits

Deposits pertain to mainly tender deposits that are assessed to be refundable.

Note 5 - Prepayments

Prepayment amount would be offset against amount in arrears hence assessed to be not recoverable.

Note 6 - Amount due from intercompanies

Note 2 - Fixed assets

Fixed assets comprise (i) SLB Vessels which would be offset against amount in arrears hence assessed to be not recoverable, and (ii) dry docking amount which is not realisable.

Recoverability of intercompany receivables is based on each intercompany's distribution of its estimated realisable assets amongst its unsecured creditors. As each intercompany has insignificant estimated realisable assets after distribution to its secured creditors, amount due from intercompanies is estimated to be nil.

Emas Offshore Services Pte Ltd

Financial Position as at 31-Jul-17

ASSETS

Amount

(US$)

Estimated Realisable

Value (US$) Notes

UNSECURED ASSETS

Cash and Bank 1,362,674 1,362,674

Fixed assets 142,713 75,789 Note 1

Stocks 429,474 53,681 Note 2

Other receivables 10,190,509 328,123 Note 3

Deposits 32,235 17,826 Note 4

Prepayments 30,468 - Note 5

GST receivable 20,399 20,399

Amount due from intercompanies 72,597,791 - Note 6

Total assets 84,806,263 1,858,492

LIABILITIES Amount (US$)

UNSECURED CREDITORS

Preferred Creditors

Provision For Income Tax 1,549,485

Total Preferred Creditors 1,549,485

Non-preferential Unsecured Creditors

Trade and other payables 18,213,155

Accruals 3,869,944

Amount due to intercompanies 27,588,392

Ezra/Ezra Subsidiary 8,879,673

EOL/EOL Subsidiary 18,708,718

Total Non-preferential Unsecured Creditors 49,671,491

Total Unsecured Creditors 51,220,976

Total Liabilities 51,220,976

Net Assets / (Liabilities) (49,362,484)

Notes

Note 1 - Fixed assets

Note 2 - Stocks

The value of EMSS stocks is considered as nil except for certain capital inventory, which is estimated to yield 25% recovery.

Note 3 - Trade receivables

Note 4 - Deposits

Note 5 - Prepayment

Note 6 - Amount due from Intercompanies

Fixed assets consist of a vehicle that was realised at SGD 103,800 (USD 75,789) in Sep 17, and also COMPAS Software that is assessed to have no realisable value.

Pertains mainly to insurance prepayment which are assessed to be non-refundable as the amount will be used to offset outstanding arrears.

Recoverability of intercompany receivables is based on each intercompany's distribution of its estimated realisable assets amongst its unsecured creditors. As each intercompany has insignificant estimated realisable assets after distribution to its secured creditors, amount due from intercompanies is estimated to be nil.

Comprise mainly receivables from charterers for drydock costs, which are assessed to be unrecoverable. The amount also includes finance lease receivable for sale of EAC Stimulator, estimated to be recovered at 10%.

Deposits pertaining to payments to agencies are assessed to be fully refundable while fund retention for salaries are assessed as not recoverable.

Emas Offshore Group Cash flows projection

6 Month Operational Cash Flow Summary (Sep 17 - Feb 18)

In USD 000s 6M FY18

Forecast Revenue 29,779

VOC (cash) (14,761)

G&A (6,273)

Cash taxes (413)

Insurance (2,031)

Total vessel opex, G&A, insurance costs (23,478)

Vessel EBITDA 6,301

Dry-docking costs (12,150)

Cash inflows/(outflows) from operations (5,849)

Assumptions

1. Forecast excludes vessels that are currently off hire, except for those which are in tendering process.

2. Direct charter rates are assumed to decrease by 15% in FY18.

3. The utilisation rate is assumed to be 80% for forecast contracts.

5. No cost increase assumed for general and administrative expenses ("G&A") in FY18.

4. No yearly cost increase assumed for Vessel Operating cost ("VOC") and Insurance Premiums, payable over 12 months in the financial year.

EMAS Offshore Pte Ltd Cash Flow Projections

6 Month Operational Cash Flow Summary (Sep 17 - Feb 18)

In USD 000s 6M FY18

Forecast Revenue 25,358

VOC (cash) (12,789)

G&A (3,628)

Insurance (1,491)

Total vessel opex, G&A, insurance costs (17,909)

Vessel EBITDA 7,449

Dry-docking costs (9,200)

Cash inflows/(outflows) from operations (1,751)

Assumptions

1. Forecast excludes vessels that are currently off hire, except for those which are in tendering process.

2. Direct charter rates are assumed to decrease by 15% in FY18.

3. The utilisation rate is assumed to be 80% for forecast contracts.

5. No cost increase assumed for general and administrative expenses ("G&A") in FY18.

4. No yearly cost increase assumed for Vessel Operating cost ("VOC") and Insurance Premiums, payable over 12 months in the financial year.

EMAS Offshore Services Pte Ltd Cash flows projection

6 Month Operational Cash Flow Summary (Sep 17 - Feb 18)

In USD 000s 6M FY18

Forecast Revenue 11,585

VOC (cash) (10,532)

G&A (959)

Total vessel opex, G&A, insurance costs (11,490)

Vessel EBITDA 95

Tax (16)

Cash inflows/(outflows) from operations 78

1. Forecast excludes vessels that are currently off hire, except for those which are in tendering process.

2. Revenue assumed to remain flat.

3. No yearly cost increase assumed for Vessel Operating cost ("VOC"), payable over 12 months within the financial year.

4. No cost increase assumed for general and administrative expenses ("G&A") in FY18

CONTACT:

Mr Hsu Chong Pin
Chief Financial Officer
Email: investor_relations@emasoffshore-cnp.com  

Tel: +65-6349-8535
Fax: +65-6224-9756

This information was brought to you by Cision http://news.cision.com
http://news.cision.com/emas-offshore-limited/r/updated-unaudited-financial-information-provided-to-the-high-court-of-the-republic-of-singapore,c2358319

The following files are available for download:

 

Source: EMAS Offshore Limited

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