EMAS Offshore CEO leaves embattled firm

Image for representation purposes only. Reuters

Singapore-listed EMAS Offshore, which has been struggling since its parent Ezra Holdings filed for bankruptcy protection last year, said Chief Executive Officer Adarash Kumar has resigned.

EMAS, a unit of Ezra Holdings, said Kumar's last day of service will be on April 6, it said in a regulatory filing on Thursday.

The company did not disclose the reason for his departure and neither did it share details on the appointment of a successor.

Kumar, who has over 35 years of experience in the marine industry, was appointed CEO in September 2015.

Kumar started his career with Malaysian International Shipping Corporation in 1979, where he held various positions on board vessels during his tenor with the company till 1992.

He was an assistant general manager with Bumi Armada Navigation Sdn Bhd, an offshore support services provider based in Malaysia, from 1993 to 2002.

EMAS Offshore is undergoing a restructuring to substantially deleverage the group's balance sheet and strengthen its working capital position to enable its business to continue as a going concern.

The company said in September that it found potential investors who had agreed to pump-in US$50 million in the beleaguered firm.

Also Read: Singapore police arrests employee of UK firm Intertek in Shell oil heist

In a separate statement, EMAS Offshore said it was seeking legal advice with regards to a joint venture company with Perisai Production called Emas Victoria.

Perisai Production, a unit of Malaysia-listed Perisai Petroleum Teknologi, has asked EMAS to sell its 49 percent stake in joint venture company for US$1.

Perisai Production owns the remaining 51 percent of Emas Victoria.

Shares in Emas were halted from trading on the Singapore Exchange.

This article was first published on January 19, 2018