EMS Energy ditches 20% stake in OSSG

The total deal is $2.8m.

EMS Energy announced that its wholly-owned subsidiary, EMS Offshore, had entered into a deed of sale and purchase with Ting Teck Jin (TTJ), Victor Oilfield Services  and Ong See Beng  in relation to the proposed disposal of its 20% equity interest in Oilfield Services & Supplies Group (OSSG) for a consideration of S$2.8m.

OSSG is a Singapore-incorporated company, which is principally engaged in the business of manufacture, rental and servicing of downhole tools and equipment that are used primarily in oil and gas exploration.

Currently, OSSG has 150,000 ordinary shares in its share capital, of which 30,000 ordinary shares are held by EMS Offshore. EMS Offshore proposes to sell its 30,000 ordinary shares in the capital of, representing 20% of the issued shares in OSSG.

On completion of the Proposed Disposal, OSSG will cease to be an associated company.

In addition to EMS Offshore, the other shareholders of OSSG include VOS, OSB and the Estate of OSK.