SINGAPORE (Oct 26): A potential white knight might be coming to the rescue of EMAS Offshore which is undergoing financial restructuring with an investment of US$73.3 million ($101.4 million).

EMAS Offshore says the company and its wholly-owned subsidiary, Emas Offshore (EOPL) has entered into a non-binding term sheet with investor Udenna Corporation.

Udenna is the majority shareholder of Chelsea Logistics Holdings Corporation, which through its wholly owned subsidiaries, is engaged in the maritime conveyance and carriage of petroleum products, general cargos and passengers within the Philippines territorial waters and the high seas.

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