Singapore's Baker Technology has terminated a provisional funding agreement it had made with the embattled offshore and marine contractor Emas Offshore.
The two parties had signed a US$50 million term sheet last December, but Baker said it had terminated the agreement and would not be proceeding with the investment in Emas.
Emas responded that "other potential investors have expressed an interest in the business operations and platform carried out by the group as well as certain vessels managed and owned by various subsidiaries".
