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    Emas Offshore issues update on Seabird Penguin claims

    Company News // March 31, 2017

    Emas Offshore Limited has issued an update following the announcement made by the cCompany on 17 March 2017 in respect of the notice of termination given in respect of Lewek Toucan and Lewek Pelican.

    Further to the 17 March announcement, the board of the company said a notice of demand dated 22 March 2017 (Toucan NOD) was issued by Seabird Penguin Offshore Limited (Toucan's owner”) to Emas Offshore Pte Ltd wherein the Toucan Owner:

    (a) alleged that the Toucan charterer owes an aggregate sum of US$35,341,502 to Toucan's owner pursuant to the termination of the Toucan Charter; and
    (b) demanded that the Toucan charterer remit the sum of US$7,441,501 to the owner within 10 business days of the date of the Toucan NOD.

    The Toucan owner further stated in the Toucan NOD that it intends to keep the following sums and apply such sums to cover its losses and damages under the Toucan charter:

    (a) US$20,900,000 under the Guarantor’s Credit Agreement dated 17 March 2016 entered between the Toucan Owner and the Company; and
    (b) US$7,000,000 under the Charterers’ Credit Agreement dated 17 March 2016 entered between the Toucan Owner and the Toucan Charterer.

    The Toucan owner indicated that to the extent that the Toucan specified sums are, for whatever reason, unable to be applied in accordance with the manner stated above, the Toucan owner would reserve the right to pursue the Toucan charterer for the full value of the Toucan debt, in addition to any further sums which the owner may notify the charterer are due and owing pursuant to the termination of the Toucan charter.

    The Toucan's owner continued to reserve its rights to make a demand against the company in respect of the Toucan guaranteed obligations.

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