The Board of Directors of EMAS Offshore Limited announced that the Group has signed a term sheet with all its financial lenders to refinance its financial obligations over a period of 5 years from 12 December 2016 and the Refinancing will be subject to documentation and conditions that would be set out in definitive agreements to be entered into between the parties within sixty (60) days from 12 December 2016. Unless otherwise defined, capitalised terms used herein shall have the same meanings ascribed to them in the Announcement.