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Update on Contracts Secured by EMAS Offshore

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Oilfield Technology,

EMAS Offshore Limited, announced today that it has secured new contracts for charters amounting to approximately US$93 million including options if exercised. While US$61 million was awarded during the period from 1 September 2016 to 30 November 2016, the remaining US$32 million worth of contracts were awarded during Q4FY2016 which resulted in the total charters awarded during FY2016 to approximately US$97 million.

These new charters will see EMAS Offshore’s Anchor Handling Tug, Anchor Handling Tug and Supply and Platform Supply vessels supporting national oil companies, international oil companies and oil majors on various projects in Southeast Asia, India and West Africa of various contract durations from less than a month to 3 years firmed.

Commenting on the contract wins, Captain Adarash Kumar, Chief Executive Officer of EMAS Offshore said, “While the Group has been able to secure contracts, we expect the market environment to remain challenging. While we are expanding our presence in West Africa, Asia Pacific will still remain our main market. We remain committed to maintaining our rate of vessel utilisation."

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