Reference is made to the Company’s announcement of 18 September 2012 where it was announced that the Intan Offshore Group, comprising of the Company’s 51% subsidiary Intan Offshore Sdn Bhd and its subsidiaries, had secured bareboat charters of its offshore support vessels from Emas Offshore Pte Ltd for a duration of three (3) years commencing 1 September 2012 and expiring 31 August 2015 (“Charterparties”) with an option to extend for a further duration of two (2) years (“Option”).
The Company is pleased to announce that it had today received a notice from Emas Offshore Pte Ltd dated 27 February 2015 exercising its Option to extend the Charterparties as detailed below.
2. TERMS OF EXTENSION OF CHARTERPARTIES
(a) The Charterparties are extended (“Extension Charters”) for the following vessels:
(i) Sarah Gold;
(ii) Sarah Jade; and
(iii) Bayu Pearl.
(b) The Extension Charters are on the same terms as the Charterparties except for a new expiration date which is now 31 August 2017.
(c) The aggregated daily charter hire for the Extension Charters payable to the Intan Group is USD5,000.00 per day. The expected value of the Extension Charters amounts to approximately USD3.65 million.
3. INTAN GROUP OF COMPANIES
The Intan Group is a 51% subsidiary of Perisai. The remaining issued share capital is owned by Emas Offshore (M) Sdn Bhd and its wholly owned subsidiary, Genesis Offshore Sdn Bhd.
4. DIRECTORS’ AND MAJOR SHAREHOLDER’S INTEREST
Save for that as disclosed below, none of the Directors and/or major shareholders of the Company or persons connected thereto have any interest, direct or indirect, in the Extension Charters:
(a) Emas Offshore (M) Sdn Bhd is a 47% shareholder of Intan Group and is an indirect wholly owned subsidiary of EMAS Offshore Limited (formerly known as EOC Limited);
(b) EMAS Offshore Limited which holds 12.13% of Perisai is a subsidiary of Ezra Holdings Limited (“Ezra”);
(c) Ezra through its subsidiaries, EMAS Offshore Limited and HCM Logistics Limited holds 23.59% of Perisai; and
(d) Capt Adarash Kumar a/l Chranji Lal Amarnath (“Capt Adarash”), a director in Perisai, is also a director of Ezra, Intan Group and Emas Offshore (M) Sdn Bhd.
Given Capt Adarash’s interest, he has abstained from all deliberations and decisions taken by Perisai in relation to the Extension Charters.
5. FINANCIAL IMPACT
The Extension Charters will have no effect on the issued and paid-up capital of the Company and is expected to contribute positively to Perisai Group’s earnings and net tangible assets for the financial year ending 31 December 2015 and the financial periods thereafter in the duration of the Extension Charters.
6. DIRECTORS’ OPINION
The Directors of Perisai are of the opinion that the Extension Charters are in the best interest of the Company.
This announcement is dated 2 March 2015.
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