Perisai and EOL are in discussion with the financial institution to procure a formal letter of offer subject to satisfaction of certain conditions,” it said. Emas Victoria owns the floating, production, storage and offloading vessel Perisai Kamelia, while SJR owns the offshore construction vessel Enterprise 3. EOL owns an 11.83% direct stake in Perisai. In turn, Perisai has the choice to exercise its put option to sell its 51% stake in SJR to EOL for US$43mil. The Singapore dollar-denominated bond was issued by Perisai Capital (L) Inc, an entity which was set up to facilitate the fundraising needs of Perisai.

Source: The Star October 04, 2016 23:21 UTC