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    Subsidiary of Emas Offshore faces winding up order

    Company News // April 19, 2017

    Referring to an announcement on 12 March 2017 in relation to a notice of termination dated 9 March 2017 received by its wholly-owned subsidiary, Lewek Champion Shipping Pte Ltd, Emas Offshore says that, further to the Notice of Termination, the charterer received a statutory demand dated 12 April 2017 from the solicitors of Hai Jiang 1401 Pte Ltd in relation to a claim made by the owner against the charterer for payment of a sum of US$195,021,717.84.

    The sum consists of US$194,499,500.00 being the termination sum under the Notice of Termination, as well as a further sum of US$522,217.84 being the accrued contractual interest under the bareboat charter.

    The owner also stated in its statutory demand that if payment for the sum demanded is not paid within 21 days after the date of service of the statutory demand, the owner may apply for the charterer to be wound up.

    Emas Offshore said the company and charterer are seeking legal advice in respect of the statutory demand and the company is assessing its impact on the group.

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