Case 17-31146 Document 610 Filed in TXSB on 07/21/17 Page

Case 17-31146 Document 610 Filed in TXSB on 07/21/17 Page 1 of 14

In Re: Chapter 11

EMAS CHIYODA Subsea Limited, et al 17-31146

Debtors

General Notes

Intercompany Transactions- Receivables and payables between the Debtors and / or Non-Debtors have not been eliminated.

Liabilities Subject to Compromise- As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to

compromise or other treatment under a plan of reorganization. The determination of how liabilities will ultimately be settled and treated

cannot be made until the Court approves a chapter 11 plan of reorganization. Accordingly, the ultimate amount of such liabilities is not

determinable at this time. ASC 852 requires prepetition liabilities that are subject to compromise to be reported at the amounts expected

to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise are

preliminary and may be subject to future adjustments depending on proof of claims filed with the Court, Court actions, further

developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing

such claims, rejection of executory contracts, continued reconciliation and other events.

Currency . Unless otherwise indicated, all amounts are reflected in U.S. dollars. In the ordinary course of business, the Debtors bill

certain liabilities in non-U.S. currencies.

Current Market Value and Net Book Value . In many instances, current market valuations are neither maintained by, nor readily

ascertainable by the Debtors. It would be prohibitively expensive and unduly burdensome to obtain current market valuations of the

Debtors’ property interests that are not maintained or readily ascertainable. Accordingly, except as otherwise stated, each asset of the

Debtors is shown on the basis of the net book value of the asset in the Debtors’ non-audited accounting books and records, as of close of

business on the Petition Date, rather than current market values, and may not reflect the net realizable value. Exceptions to this include

operating cash and certain other assets. Operating cash is presented at book balances as of month end. Certain other assets, such as

investments in subsidiaries and other intangible assets, are listed at undetermined amounts, as the net book values may differ materially

from fair market values. For this reason, amounts ultimately realized will vary, potentially materially, from net book value. Additionally,

the amount of certain assets and liabilities may be “unknown”. The Debtors reserve their right to amend or adjust the value of each asset

or liability set forth herein. Accordingly, this MOR should not be used for investment purposes.

Unknown Amounts . The description of an amount as "unknown" is not intended to reflect upon the materiality of such amount.

The results of operations contained herein are not necessarily indicative of results that are expected from any other period or for the full

year and may not necessarily reflect the combined results of operations, financial position and cash flows of the Debtors in the future.

UNITED STATES BANKRUPTCY COURT

SOUTHERN AND WESTERN DISTRICTS OF TEXAS

Condensed Combined Debtor-in-Possession Financial Statements- The condensed combined financial statements contained in the

Monthly Operating Report and supplemental information contained herein are unaudited, preliminary, and may not comply with generally

accepted accounting principles in the United States of America ("U.S. GAAP") in all material respects or financial statements prepared in

accordance with International Financial Reporting Standards ("IFRS") and they are not intended to be fully reconciled to the Debtors’

financial statements.

Entities operating in bankruptcy and expecting to reorganize as going concerns under Chapter 11 of the US Bankruptcy Code are subject

to additional accounting and reporting guidance in FASB Accounting Standards Codification 852, Reorganizations ("ASC 852"). The

reorganization guidance applies to an entity after it files for bankruptcy protection under Chapter 11. While ASC 852 provides specific

guidance for certain matters, other portions of the U.S. GAAP continue to apply to entities operating under bankruptcy protection so long

as the guidance does not conflict with the reorganizations guidance.

The Debtors' condensed combined financial statements contained herein have been modified in accordance with the guidance in ASC

852. The unaudited condensed combined financial statements have been derived from the books and records of the Debtors. This

information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance

with U.S. GAAP and / or IFRS, and upon the application of such procedures, the Debtors believe that the financial information could be

subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring

adjustments, but may not include all of the adjustments that would be typically made in accordance with U.S. GAAP or IFRS.


EMAS CHIYODA Subsea Limited, et al MOR - 2

CONSOLIDATING BALANCE SHEETS

June 30, 2017

Debtors EMAS CHIYODA

Subsea Limited 17-

31146

EMAS Chiyoda

Subsea Inc. 17-31139

EMAS-AMC Pte.

Ltd. 17-31141

EMAS Chiyoda

Subsea Services Pte.

Ltd. 17-31142

Lewek Falcon

Shipping Pte. Ltd. 17-

31143

Lewek Constellation

Pte. Ltd. 17-31144

EMAS CHIYODA

ROV Pte. Ltd. 17-

31145

EMAS CHIYODA

Subsea Marine Base

LLC 17-31147

EMAS

CHIYODA

Marine Base

Holding Co., LLC

17-31149

Gallatin Marine

Management, LLC

17-31150

ASSETS

Cash 18,265,250$ 3,242,333$ 1,484,159$ 71,385$ 20,758$ 23,494$ 218,310$ -$ -$ 121$

Fixed deposits balances - - 2,377,364 - - - - - - -

Trade receivables - Billed, net of provision - 3,663,428 30,497,038 - - 1,221,000 - - - -

Trade receivables - Unbilled - 18,797,449 35,122,816 658,323 - - - - - -

Other receivables-Current 2 740,312 7,237,717 20,548 24 3,174 - (50) - -

Due from affiliates 239,696,951 157,761,588 206,788,069 40,005,039 29,377,186 72,355,019 129,408 27,567,360 6,478,413 427,302

Work-in-progress - - - 1,036,050 - - - - - -

Inventories, NRV - 2,994,653 6,768,023 - - - - - - 141,636

Other current assets - 642,543 29,197,920 375,380 361,113 1,605,814 152,240 - - 1,250

Fixed assets-NBV - 102,793 30,069,565 12,702,817 112,473,923 595,833,333 29,927,537 55,468,429 - 13,298,550

Investment in subsidiaries 704,438,730 - 6,211,691 80,011 - 7,055 - - 1,000 -

Investment in associated companies - - - - - - - - - -

Total Assets 962,400,933$ 187,945,099$ 355,754,362$ 54,949,553$ 142,233,004$ 671,048,889$ 30,427,495$ 83,035,739$ 6,479,413$ 13,868,859$

LIABILITIES & EQUITY

Liabilities not subject to compromise:

Accounts payable, postpetition 565,622$ 3,702,804$ 8,397,779$ 30,467$ -$ 1,147,000$ 114,180$ -$ -$ -$

DIP financing, postpetition 70,915,000 - - - - - - - - -

Payable to affiliate, postpetition - 19,329,047 20,399,364 2,051,644 188,000 5,173,637 150,000 15,845 - -

Accrued expenses, postpetition - 17,023,613 16,331,667 143,607 265,998 - - 291,267 - -

Accrued interest, postpetition - - - - - 2,739,189 - 206,543 - -

Total Liabilities Not Subject to Compromise 71,480,622 40,055,464 45,128,810 2,225,718 453,998 9,059,826 264,180 513,655 - -

Liabilities subject to compromise

Accounts payable 387,545 27,908,196 45,342,854 560,687 176,833 - 2,332 5,000,000 - 103,112

Payable to affiliate - - - - - - - - - -

Accrued expenses 109,159 29,750,329 19,909,877 712,484 10,403 5,086 4,237 540,965 - -

Accrued interest 1,398,408 - 57,740 - 955,387 0 61,152 250,003 - -

Bills payable to banks 40,000,000 - 30,000,000 - - - - - - -

Bank term loans - - - - 94,059,500 367,671,450 8,116,104 10,000,000 - 16,872,712

Progress billings in excess of work-in-progress - 841,560 387,285 - - - - - - -

Due to affiliates 123,938,644 294,178,042 146,226,723 11,273,579 5,491,963 117,188,037 16,517,223 66,701,912 6,479,313 655,195

Withholding tax payable - - - - - - - - - -

Provision for income tax - (69,806) - - 122,869 - - 294,800 - -

Deferred tax liabilities - - - 93,993 5,023,200 2,007,149 1,137,645 - - -

Total Liabilities Subject to Compromise 165,833,755 352,608,321 241,924,479 12,640,742 105,840,155 486,871,722 25,838,693 82,787,680 6,479,313 17,631,019

Shareholder's Equity:

Share Capital 734,438,732 100,000 144,833,200 48,485,454 29,935,627 170,401,008 50,000 1,000 100 -

Accumulated profits (9,352,177) (207,834,524) (76,132,127) (8,402,361) 6,003,224 4,716,333 4,274,622 (266,596) - (3,762,160)

Capital reserve - 3,015,838 - - - - - - - -

Translation reserve - - - - - - - - - -

Total shareholder's equity 725,086,555 (204,718,686) 68,701,073 40,083,093 35,938,851 175,117,341 4,324,622 (265,596) 100 (3,762,160)

Total Liabilities & Equity 962,400,933$ 187,945,099$ 355,754,362$ 54,949,553$ 142,233,004$ 671,048,889$ 30,427,495$ 83,035,739$ 6,479,413$ 13,868,859$


EMAS CHIYODA Subsea Limited, et al


June 30, 2017

Debtors

ASSETS

Cash

Fixed deposits balances

Trade receivables - Billed, net of provision

Trade receivables - Unbilled

Other receivables-Current

Due from affiliates

Work-in-progress

Inventories, NRV

Other current assets

Fixed assets-NBV

Investment in subsidiaries

Investment in associated companies

Total Assets


Liabilities not subject to compromise:

Accounts payable, postpetition

DIP financing, postpetition

Payable to affiliate, postpetition

Accrued expenses, postpetition

Accrued interest, postpetition

Total Liabilities Not Subject to Compromise

Liabilities subject to compromise

Accounts payable

Payable to affiliate

Accrued expenses

Accrued interest

Bills payable to banks

Bank term loans

Progress billings in excess of work-in-progress

Due to affiliates

Withholding tax payable

Provision for income tax

Deferred tax liabilities

Total Liabilities Subject to Compromise

Shareholder's Equity:

Share Capital

Accumulated profits

Capital reserve

Translation reserve

Total shareholder's equity

Total Liabilities & Equity

MOR - 2.1

EMAS CHIYODA

Subsea Services

LLC 17-31151

EMAS CHIYODA

Subsea Services (UK)

Limited 17-31152

EMAS CHIYODA

Subsea Services

B.V. 17-31153

EMAS Saudi

Arabia Ltd. 17-

31154

EMAS CHIYODA

Subsea (Thailand)

Co., Ltd. 17-31155

3,437$ 9,117$ 15,177$ 211,816$ 125,265$

- - - - -

- - - 2,782,606 -

- - - 15,980,362 7,375

- - 12,543 - 3,038,889

10,186 2,816,217 270,053 3,756,794 4,873,606

- - - - -

- - - - -

- 4,393 51,541 1,358,705 1,061

- - 13,461 - -

- - - - -

250 - - - -

13,873$ 2,829,727$ 362,775$ 24,090,283$ 8,046,196$

-$ -$ -$ -$ 3,532$

- - - - -

- 135,000$ 717,000 - -

- - - - 4,654

- - - - -

- 135,000 717,000 - 8,186

252 34,635 21,789 13,950,994 4,143

- - - - -

- 12,345 14,703 9,865,016 105,174

- - - - -

- - - - -

- - - - -

- - - - -

2,891,957 268,639 435,946 27,934 -

- - - 88,055 -

- - 19,969 - 1,220,935

- - - - -

2,892,209 315,619 492,407 23,931,999 1,330,252

100,000 4,133,618 1 266,702 6,025,000

(2,978,336) (1,847,941) (846,633) (108,368) 660,256

- - - - -

- 93,431 - (50) 22,502

(2,878,336) 2,379,108 (846,632) 158,284 6,707,758

13,873$ 2,829,727$ 362,775$ 24,090,283$ 8,046,196$




February 27th (Petition Date)

Debtors EMAS

CHIYODA

Subsea Limited

17-31146

EMAS Chiyoda

Subsea Inc. 17-

31139

EMAS-AMC

Pte. Ltd. 17-

31141

EMAS Chiyoda

Subsea Services

Pte. Ltd. 17-

31142

Lewek Falcon

Shipping Pte.

Ltd. 17-31143

Lewek

Constellation

Pte. Ltd. 17-

31144

EMAS

CHIYODA ROV

Pte. Ltd. 17-

31145

EMAS

CHIYODA

Subsea Marine

Base LLC 17-

31147

EMAS

CHIYODA

Marine Base

Holding Co.,

LLC 17-31149

Gallatin Marine

Management,

LLC 17-31150

ASSETS

Cash 1,346,737 1,008,672 13,932,807 127,430 12,004 8,617 226,815 - - 121

Deposits and prepayments - 542,842 3,241,212 488,928 9,726 9,226 - - - -

Accounts receivable - 10,568,758 10,526,798 7,062 - - - - - -

Investments in subsidiaries Unknown - Unknown Unknown - Unknown - - Unknown -

Inventory - 6,702,919 6,704,422 1,036,050 - - - - - 141,636

Office Furniture, fixtures and equipment - 2,397,132 76,196 - - - - - - -

Machinery, equipment and vehicles - 72,813,554 49,780,483 13,204,690 114,380,261 604,500,000 30,823,165 16,520,826 - 13,558,462

Real Property - - - - - - - 33,288,826 - -

Intangibles and intangible property - - - - - - - - - -

All other assets including intercompany receivables 189,319,581 157,704,578 215,734,869 38,398,617 30,951,812 66,805,367 - 920,689 6,477,313 1,250

Total Assets 190,666,318 251,738,455 299,996,788 53,262,776 145,353,803 671,323,211 31,049,980 50,730,341 6,477,313 13,701,468


Secured debts (Schedule D) - Unknown 2,344,140 - 95,014,887 388,642,538 8,177,258 10,250,003 - -

Priority debts (Schedule E) Unknown 9,181,886 3,182 Unknown Unknown - - 578,955 - -

Unsecured debts (Schedule F) 647,794,332 728,261,220 705,532,958 11,148,660 5,551,188 117,170,061 16,528,584 45,874,552 6,478,213 17,203,718

Total Liabilities 647,794,332 737,443,106 707,880,280 11,148,660 100,566,075 505,812,599 24,705,841 56,703,510 6,478,213 17,203,718

Note: Amounts are from the Schedule of Assets and Liabilities.




February 27th (Petition Date)

Debtors

ASSETS

Cash

Deposits and prepayments

Accounts receivable

Investments in subsidiaries

Inventory

Office Furniture, fixtures and equipment

Machinery, equipment and vehicles

Real Property

Intangibles and intangible property

All other assets including intercompany receivables

Total Assets


Secured debts (Schedule D)

Priority debts (Schedule E)

Unsecured debts (Schedule F)

Total Liabilities

MOR - 3.1

EMAS

CHIYODA

Subsea Services

LLC 17-31151

EMAS

CHIYODA

Subsea Services

(UK) Limited 17-

31152

EMAS

CHIYODA

Subsea Services

B.V. 17-31153

EMAS Saudi

Arabia Ltd. 17-

31154

EMAS

CHIYODA

Subsea

(Thailand) Co.,

Ltd. 17-31155

3,939 6,304 37,935 188,497 131,404

- - 25,807 1,393,472 1,030

- - - - -

Unknown Unknown - - -

- - - - -

- - 15,594 - -

- - 380,652 - -

- - - - -

- - - - -

3,740,126 2,816,144 79,201 11,660,107 7,828,868

3,744,065 2,822,448 539,189 13,242,076 7,961,301

- - - - -

- - Unknown - Unknown

2,884,712 268,640 458,494 1,091,572 1,107

2,884,712 268,640 458,494 1,091,572 1,107


In re: EMAS CHIYODA Subsea Limited, et al Case No. 17-31146

Debtor Period: 6/1/17 - 6/30/17

PostPetition Payables 31/03/2017 30/04/2017 31/05/2017 30/06/2017

Accounts payable, postpetition 6,911,595 12,569,230 20,912,895 13,961,384

DIP financing, postpetition 20,000,000 20,835,000 32,685,000 70,915,000

Payable to affiliate, postpetition (a) 15,513,194 20,675,665 27,275,030 48,159,536

Accrued expenses, postpetition 14,176,440 19,127,070 18,849,779 34,060,807

Accrued interest, postpetition 504,276 1,449,898 2,894,558 2,945,732

Post-Petition Payables Current 0-30 Days 31-60 Days >90 Days TOTAL

Accounts payable, postpetition 10,996,604 1,069,592 746,309 1,148,879 13,961,384

DIP financing, postpetition 38,900,000 10,617,500 667,500 20,730,000 70,915,000

Payable to affiliate, postpetition (a) 24,966,242 8,524,587 1,218,314 13,450,394 48,159,536

Accrued expenses, postpetition 34,060,807 - - - 34,060,807

Accrued interest, postpetition 2,790,363 103,279 52,090 - 2,945,732

Note:

(a) - $50,445,637 of this amount is payable to EMAS Chiyoda Subsea Limited 17-31146, the DIP borrower.

Accounts Receivable Aging 30/06/2017

0-30 days old 32,860,598

31-60 days old 58,486

61-90 days old 19,591

91 + days old 8,687,261

Total Accounts Receivable 41,625,935

Amounts considered uncollectible (Bad Debt) (3,461,863)

Accounts Receivable (Net) ** 38,164,072

MOR - 4

PostPetition Accounts Payable

PostPetition Accounts Aging

Accounts Receivable Aging



CONSOLIDATING INCOME STATEMENTS MOR - 5

For the Period of 6/1/17 - 6/30/17

Debtor

EMAS

CHIYODA

Subsea Limited

17-31146

EMAS Chiyoda

Subsea Inc. 17-

31139

EMAS-AMC

Pte. Ltd. 17-

31141

EMAS Chiyoda

Subsea Services

Pte. Ltd. 17-

31142

Lewek Falcon

Shipping Pte.

Ltd. 17-31143

Lewek

Constellation

Pte. Ltd. 17-

31144

EMAS

CHIYODA ROV

Pte. Ltd. 17-

31145

EMAS

CHIYODA

Subsea Marine

Base LLC 17-

31147

EMAS

CHIYODA

Marine Base

Holding Co.,

LLC 17-31149

Gallatin Marine

Management,

LLC 17-31150

Revenue - 12,239,353 24,144,663 630,200 - 2,966,400 51,720 435,000 - -

Cost of Sales - (49,525,611) (24,650,841) (1,088,095) (788,697) (2,170,893) (261,966) (238,114) - -

Gross Profit - (37,286,258) (506,178) (457,895) (788,697) 795,507 (210,246) 196,886 - -

(2,302) (2,238,274) 1,106,007 267 (50) (3,648) 78 - - -

Administrative expenses (1,989,077) (1,470,046) (1,413,954) 151,810 (4) 1,496 - (73,567) -

Profit from operations (1,991,379) (40,994,578) (814,125) (305,818) (788,751) 793,355 (210,168) 123,319 - -

Financial Income - - 1,953 - - 35 (182) - - -

Financial Expenses (excl. Bank Chg) (424) (2,643) (16,842) (895) (8,135) (37,758) - (51,174) - -

Share of JV Company's results - - - - - - - - - -

Profit / (loss) before tax (1,991,803) (40,997,221) (829,014) (306,713) (796,886) 755,632 (210,350) 72,145 - -

Tax - 1,400,000 (2,628) - - - - (31,000) - -

(1,991,803)$ (39,597,221)$ (831,642)$ (306,713)$ (796,886)$ 755,632$ (210,350)$ 41,145$ -$ -$

Other income / (loss), net

Net Income / (Loss)



CONSOLIDATING INCOME STATEMENTS


Debtor

Revenue

Cost of Sales

Gross Profit

Administrative expenses

Profit from operations

Financial Income

Financial Expenses (excl. Bank Chg)

Share of JV Company's results

Profit / (loss) before tax

Tax

Other income / (loss), net

Net Income / (Loss)

MOR - 5.1

EMAS

CHIYODA

Subsea Services

LLC 17-31151

EMAS

CHIYODA

Subsea Services

(UK) Limited 17-

31152

EMAS

CHIYODA

Subsea Services

B.V. 17-31153

EMAS Saudi

Arabia Ltd. 17-

31154

EMAS

CHIYODA

Subsea

(Thailand) Co.,

Ltd. 17-31155 CONSOLIDATING

- - 333 17,046,101 - 57,513,770

- - - (17,018,661) - (95,742,878)

- - 333 27,440 - (38,229,108)

- (24,440) (1,754) (4,047) (18,717) (1,186,880)

- (42,451) (116,997) (14,508) (8,900) (4,976,198)

- (66,891) (118,418) 8,885 (27,617) (44,392,186)

- - - - 4 1,810

(12) (45) (131) (223) (52) (118,334)

- - - - - -

(12) (66,936) (118,549) 8,662 (27,665) (44,508,710)

- - - - - 1,366,372

(12)$ (66,936)$ (118,549)$ 8,662$ (27,665)$ (43,142,338)$




Debtor

EMAS CHIYODA

Subsea Limited 17-

31146

EMAS Chiyoda

Subsea Inc. 17-31139

EMAS-AMC Pte.

Ltd. 17-31141

EMAS Chiyoda

Subsea Services Pte.

Ltd. 17-31142

Lewek Falcon

Shipping Pte. Ltd.

17-31143

Lewek Constellation

Pte. Ltd. 17-31144

EMAS CHIYODA

ROV Pte. Ltd. 17-

31145

EMAS CHIYODA

Subsea Marine Base

LLC 17-31147

EMAS CHIYODA

Marine Base

Holding Co., LLC 17-

31149

Gallatin Marine

Management, LLC

17-31150

Receipt schedule

Customer and other receipts - 11,236,014 3,737,989 0 - 35 1 - - -

Interco (receipts) 25,638 - 555,039 142,782 - - 300,000 - - -

Total Receipts 25,638 11,236,014 4,293,028 142,782 - 35 300,001 - - -

Postpetition Disbursement schedule

Shoreside payments

Salaries - (2,119,489) (2,599,997) (43,988) - - - - - -

Employee benefits and taxes - (1,836,081) (27,006) - - - - - - -

Travelling and expenses claims - (99,670) (194,780) - - - - - - -

Rentals - (389,403) (490,869) - - - - - - -

Other shoreside payments (25,638) (580,137) (458,891) - - - (114,180) - - -

Sub-total shoreside payments (25,638) (5,024,780) (3,771,543) (43,988) - - (114,180) - - -

Tax payments - - (4,001) - - - - - - -

Vessel related payments

- Vessel leases - - (27,784) - - - - - - -

- Vessel financing - - - - - - - - - -

- Crew salaries and other crew costs - - (2,331,150) - - - - - - -

- Vessel Insurance - (214,091) (397,395) (53,670) - - - - - -

- Variable vessel opex costs - (1,243,522) (2,496,136) (10,072) - - - - - -

- CAPEX - - (2,450,931) - - - - - - -

- Others - - - - - - - - - -

Sub-total Vessel related payments - (1,457,613) (7,703,397) (63,742) - - - - - -

Project payments - (5,078,982) (15,226,162) - - - - - -

Contingency payments - - - - - - - - - -

Interco (payments) - (513,157) (152,885) (353,526) - - - - - -

Financing payments (424) (39) (18,174) (894) (219) (95) (182) - - -

Total Postpetition Disbursements (26,062) (12,074,571) (26,876,163) (462,150) (219) (95) (114,362) - - -

Restructuring related costs

- Professional Fees - - - - - - - - - -

- US Trustee Fees - - - - - - - - - -

- Restructuring Actions - - - - - - - - - -

Total restructuring related costs - - - - - - - - - -

Prepetition Disbursement schedule

- Tax payments - - - - - - - - - -

- Critical vendors - (483,252) (2,249,612) - - - - - - -

- Insurance - - - - - - - - - -

- Employee related - - - - - - - - - -

- Potential payment related to clients' receipt - - - - - - - - - -

- Potential payment related to vessels - - - - - - - - - -

Total Prepetition Disbursements - (483,252) (2,249,612) - - - - - - -

Total Disbursements (26,062) (12,557,823) (29,125,775) (462,150) (219) (95) (114,362) - - -

Cash from (used in) operations (424) (1,321,809) (24,832,747) (319,368) (219) (60) 185,638 - - -

Beginning cash balance - unrestricted 55,719$ 1,514,018$ 361,801$ 41,520$ 32,922$ 71,479$ 32,554$ -$ -$ 121$

Cash from (used in) operations (424) (1,321,809) (24,832,747) (319,368) (219) (60) 185,638 - - -

Decrease/(increase) in restricted cash (9,393,000) - 5,900,000 - - - - - - -

DIP draws 38,230,000 - - - - - - - - -

DIP transfers (28,644,000) 2,750,000 19,932,000 350,000 (12,000) (48,000) - - -

Exchange Rate Differences - - (16,531) (768) 55 75 117 - - -

Ending cash balance - unrestricted 248,294$ 2,942,208$ 1,344,523$ 71,385$ 20,758$ 23,494$ 218,310$ -$ -$ 121$

Restricted Cash Balance

Professional fees 18,016,955 - - - - - - - - -

Utilities - - - - - - - - - -

Other - 300,125 2,517,000 - - - - - - -

Total Restricted Cash Balance 18,016,955$ 300,125$ 2,517,000$ -$ -$ -$ -$ -$ -$ -$

Total Unrestricted and Restricted Cash 18,265,250$ 3,242,333$ 3,861,523$ 71,385$ 20,758$ 23,494$ 218,310$ -$ -$ 121$

SCHEDULE OF CASH RECEIPTS AND

DISBURSEMENTS




Debtor

Receipt schedule

Customer and other receipts

Interco (receipts)

Total Receipts

Postpetition Disbursement schedule

Shoreside payments

Salaries

Employee benefits and taxes

Travelling and expenses claims

Rentals

Other shoreside payments

Sub-total shoreside payments

Tax payments

Vessel related payments

- Vessel leases

- Vessel financing

- Crew salaries and other crew costs

- Vessel Insurance

- Variable vessel opex costs

- CAPEX

- Others

Sub-total Vessel related payments

Project payments

Contingency payments

Interco (payments)

Financing payments

Total Postpetition Disbursements

Restructuring related costs

- Professional Fees

- US Trustee Fees

- Restructuring Actions

Total restructuring related costs

Prepetition Disbursement schedule

- Tax payments

- Critical vendors

- Insurance

- Employee related

- Potential payment related to clients' receipt

- Potential payment related to vessels

Total Prepetition Disbursements

Total Disbursements

Cash from (used in) operations

Beginning cash balance - unrestricted

Cash from (used in) operations

Decrease/(increase) in restricted cash

DIP draws

DIP transfers

Exchange Rate Differences

Ending cash balance - unrestricted

Restricted Cash Balance

Professional fees

Utilities

Other

Total Restricted Cash Balance

Total Unrestricted and Restricted Cash

SCHEDULE OF CASH RECEIPTS AND

DISBURSEMENTS

MOR - 6.1

EMAS CHIYODA

Subsea Services

LLC 17-31151

EMAS CHIYODA

Subsea Services

(UK) Limited 17-

31152

EMAS CHIYODA

Subsea Services B.V.

17-31153

EMAS Saudi

Arabia Ltd. 17-

31154

EMAS CHIYODA

Subsea (Thailand)

Co., Ltd. 17-31155 CONSOLIDATING

- - - - - 14,974,038

- - 5,947 - - 1,029,406

- - 5,947 - - 16,003,445

- (40,803) (271,952) (16,949) (1,746) (5,094,924)

- - - - - (1,863,087)

- (1,031) (6,645) (2,284) (78) (304,488)

- - (5,937) - (677) (886,886)

- (855) (9,370) (136,541) (2,111) (1,327,722)

- (42,688) (293,904) (155,774) (4,611) (9,477,107)

- - - (1,190) (172) (5,362)

- - - - - (27,784)

- - - - - -

- - - - - (2,331,150)

- - - - - (665,157)

- - - - - (3,749,730)

- - - - - (2,450,931)

- - - - - -

- - - - - (9,224,753)

- - - (5,327,273) - (25,632,416)

- - - - - -

- (1,710) - (8,128) - (1,029,406)

(12) (46) (159) (223) (7) (20,474)

(12) (44,444) (294,062) (5,492,587) (4,791) (45,389,519)

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - (69,076) - (2,801,940)

- - - - - -

- - (849) - - (849)

- - - - - -

- - - - - -

- - (849) (69,076) - (2,802,789)

(12) (44,444) (294,912) (5,561,663) (4,791) (48,192,308)

(12) (44,444) (288,965) (5,561,663) (4,791) (32,188,863)

3,449$ 4,016$ 32,035$ 426,946$ 129,808$ 2,706,388$

(12) (44,444) (288,965) (5,561,663) (4,791) (32,188,863)

- - - - - (3,493,000)

- - - - - 38,230,000

- 50,000 272,000 5,350,000 - -

- (456) 106 (3,466) 248 (20,619)

3,437$ 9,117$ 15,177$ 211,817$ 125,265$ 5,233,906$

- - - - - 18,016,955$

- - - - - -

- - - - - 2,817,125

-$ -$ -$ -$ -$ 20,834,080$

3,437$ 9,117$ 15,177$ 211,817$ 125,265$ 26,067,987$


In Re: Chapter 11

EMAS CHIYODA Subsea Limited, et al 6/1/17 - 6/30/17

Debtors

Bank Account Reconciliations & Cash Disbursement Journals

Legal Entity Entity No. Bank Account Type

Lewek Falcon Shipping Pte Ltd OCBC Operating 10,051.63

Lewek Falcon Shipping Pte Ltd OCBC Operating 10,295.28

Lewek Falcon Shipping Pte Ltd OCBC Loan repayment 411.25

Lewek Falcon Shipping Pte Ltd Total (17-31143) 20,758.16

Lewek Constellation Pte Ltd DNB Operating 13,529.67

Lewek Constellation Pte Ltd DNB Loan repayment 9,948.88

Lewek Constellation Pte Ltd DNB Dormant 15.42

Lewek Constellation Pte Ltd Total (17-31144) 23,493.97

Emas CHIYODA ROV Pte Ltd UOB Operating 13,366.30

Emas CHIYODA ROV Pte Ltd UOB Operating 195,010.61

Emas CHIYODA ROV Pte Ltd DBS Dormant 7,918.52

Emas CHIYODA ROV Pte Ltd DBS Loan repayment 2,015.00

Emas CHIYODA ROV Pte Ltd Total (17-31145) 218,310.43

Emas CHIYODA Subsea Services Pte Ltd UOB Dormant 17,589.20

Emas CHIYODA Subsea Services Pte Ltd UOB Dormant 1,318.59

Emas CHIYODA Subsea Services Pte Ltd DBS Payroll 5,940.30

Emas CHIYODA Subsea Services Pte Ltd DBS Payroll 11,972.52

Emas CHIYODA Subsea Services Pte Ltd HSBC Operating 315.42

Emas CHIYODA Subsea Services Pte Ltd HSBC Operating 34,248.64

Emas CHIYODA Subsea Services Pte Ltd Total (17-31142) 71,384.67

Emas CHIYODA Subsea (Thailand) Co., Ltd Citibank Dormant 13,128.94

Emas CHIYODA Subsea (Thailand) Co., Ltd Citibank Dormant 17,853.31

Emas CHIYODA Subsea (Thailand) Co., Ltd HSBC Operating 52,776.13

Emas CHIYODA Subsea (Thailand) Co., Ltd HSBC Operating 41,506.71

Emas CHIYODA Subsea (Thailand) Co., Ltd Cash in hand Cash in hand -

Emas CHIYODA Subsea (Thailand) Co., Ltd Total (17-31155) 125,265.08

Emas CHIYODA Subsea Services (UK) Ltd HSBC Operating 9,117.10

Emas CHIYODA Subsea Services (UK) Ltd Total (17-31152) 9,117.10

Emas CHIYODA Subsea Services B.V ING Bank Operating 6,824.42

Emas CHIYODA Subsea Services B.V ING Bank Operating 8,352.23

Emas CHIYODA Subsea Services B.V Total (17-31153) 15,176.65

Emas Saudi Arabia Ltd HSBC Operating 208,616.50

Emas Saudi Arabia Ltd Emas Saudi Arabia Ltd Cash in hand 3,200.04

Emas Saudi Arabia Ltd Total (17-31154) 211,816.54

Emas-AMC Pte Ltd (Congo Branch) Societe Generale Operating 68,363.35

Emas-AMC Pte Ltd (Congo Branch) Total 68,363.35

Emas-AMC Pte Ltd UOB Payroll 9,916.22

Emas-AMC Pte Ltd UOB Payroll 298,423.35

Emas-AMC Pte Ltd DNB Dormant 15,415.56

Emas-AMC Pte Ltd DNB Dormant 4,937.99

Emas-AMC Pte Ltd OCBC Dormant 1,372.28

Emas-AMC Pte Ltd DBS Payroll 54,753.23

Emas-AMC Pte Ltd DBS Payroll 6,002.89

Emas-AMC Pte Ltd HSBC Operating 8,151.35



Emas-AMC Pte Ltd HSBC Dormant 230,676.19

Emas-AMC Pte Ltd QNB Dormant 3,612.33

Emas-AMC Pte Ltd QNB Dormant 3,568.46

Emas-AMC Pte Ltd QNB Fixed deposit 2,377,364.32

Emas-AMC Pte Ltd Cash in hand Cash in hand 1,652.00

Emas-AMC Pte Ltd Cash in hand Cash in hand 6,951.00

Emas-AMC Pte Ltd Ship Fund Ship Fund 23,176.87

Emas-AMC Pte Ltd Total (17-31141) 3,793,159.92

Emas CHIYODA Subsea Limited DBS Operating 15,931.39

Emas CHIYODA Subsea Limited Rabobank DIP-Operating 232,363.00

Emas CHIYODA Subsea Limited Rabobank DIP-Professional -

Emas CHIYODA Subsea Limited Rabobank DIP-Utilities -

Emas CHIYODA Subsea Limited Rabobank DIP - LCO lender Professional 343,615.82

Emas Chiyoda Subsea Inc (1)

Rabobank Professional Fee Reserve 17,673,339.65

Emas CHIYODA Subsea Limited Total 18,265,249.86

Emas CHIYODA Subsea Services LLC East West Bank Operating 3,437.08

Emas CHIYODA Subsea Services LLC Total (17-31151) 3,437.08

Emas Chiyoda Subsea Inc DNB Operating 2,942,208.00

Emas Chiyoda Subsea Inc Amergy Credit card / Debit Card 300,125.00

Emas Chiyoda Subsea Inc Total (17-31139) 3,242,333.00

Gallatine Marine Management Comerica Operating 121.00

Gallatine Marine Management Total (17-31150) 121.00

Emas Chiyoda Subsea Inc Rabobank General Unsecured Creditor Cash 7,575,000.00

Emas Chiyoda Subsea Inc Rabobank Plan Administrator -

Emas Chiyoda Subsea Inc Rabobank Plan Cash Contribution 6,346,324.75

Emas Chiyoda Subsea Inc Rabobank EMB Marine Base Reserve 3,525,859.62

Emas Chiyoda Subsea Inc Rabobank Designated Account 3 -

Emas Chiyoda Subsea Inc, et al., Total 17,447,184.37

Bank Statements

Debtor Bank/Institution Final Balance Date of Closing

Emas-AMC Pte Ltd OCBC 5,575.89 June 8, 2017

Emas-AMC Pte Ltd OCBC 3,484.83 June 8, 2017

Emas-AMC Pte Ltd SCB 8,229.16 June 27, 2017

Emas-AMC Pte Ltd SCB - June 27, 2017

Emas CHIYODA Subsea Limited SCB 36,861.44 June 28, 2017

Emas CHIYODA Subsea Limited SCB - June 28, 2017

Debtor Bank/Institution Type Date Opened

Emas CHIYODA Subsea Limited Rabobank DIP - LCO lender Professional 343,615.82 June 3, 2017

Emas Chiyoda Subsea Inc (1)

Rabobank Professional Fee Reserve 17,673,339.65 June 23, 2017

Emas Chiyoda Subsea Inc Rabobank General Unsecured Creditor Cash 7,575,000.00 June 23, 2017

Emas Chiyoda Subsea Inc Rabobank Plan Administrator - June 23, 2017

Emas Chiyoda Subsea Inc Rabobank Plan Cash Contribution 6,346,324.75 June 23, 2017

Emas Chiyoda Subsea Inc Rabobank EMB Marine Base Reserve 3,525,859.62 June 23, 2017

Emas Chiyoda Subsea Inc Rabobank Designated Account 3 - June 23, 2017

(1) On June 29, 2017, the professional fee reserve has been transferred to a new Professional Fee Reserve account held in the name of Emas Chiyoda Subsea Inc.

MOR - 7

The Debtors affirm that the following bank accounts were opened during the current reporting period.

Book Balance

June 30, 2017

Book Balance

The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors. The Debtors affirm that the following bank accounts were closed during the

current reporting period.

The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check

registers and/or disbursement journals are maintained for each disbursement account. The book balances for each bank account in the reporting period are as follows:



Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash Disbursements Journal

June 01, 2017 to June 30, 2017


In Re: EMAS CHIYODA Subsea Limited, et al

Debtor

SCHEDULE OF PAYMENTS TO INSIDERS AND PROFESSIONAL FEES AND EXPENSES PAID

This schedule is to include all insiders and retained professional payments from case inception to current month.

March 2017 April 2017 May 2017 June 2017

Ezra Holdings Limited Services 263,122.96$ 49,049.58$ 157,280.60$ 157,232.90$

Emas IT Solutions Pte Ltd Services -$ 267,248.41$ 291,689.01$ 259,994.31$

Ezra Marine Services Pte Ltd Services -$ 155,636.41$ 166,209.91$ 321,578.11$

Lewek LB1 Shipping Pte Ltd Services -$ -$ -$ 27,784.00$

Triyards Marine Services Pte Ltd Services -$ -$ -$ 26,371.22$

Chiyoda Corporation Services -$ -$ -$ 25,638.00$

Emas AMC Pte. Ltd. 17-31141 Services -$ -$ 1,072,011.05$ 555,064.50$

Lewek Constellation Pte. Ltd. 17-31144 Services -$ -$ 160,000.00$ -$

Emas Chiyoda ROV Pte Ltd 17-31145 Services -$ -$ -$ 300,000.00$

EMAS CHIYODA Subsea Limited 17-31146 Services -$ -$ -$ 25,637.92$

EMAS CHIYODA Subsea Services B.V. 17-31153 Services -$ -$ -$ 5,946.81$

EMAS Chiyoda Subsea Inc. 17-31139 DIP Funding 8,055,000.00$ -$ 4,350,000.00$ 2,750,000.00$

Emas AMC Pte. Ltd. 17-31141 DIP Funding -$ -$ -$ 19,932,000.00$

Emas Chiyoda Subsea Services Pte Ltd 17-31142 DIP Funding -$ 150,000.00$ 420,000.00$ 350,000.00$

Lewek Falcon Shipping Pte. Ltd. 17-31143 DIP Funding -$ -$ 200,000.00$ (12,000.00)$

Lewek Constellation Pte. Ltd. 17-31144 DIP Funding 5,211,637.00$ 10,000.00$ -$ (48,000.00)$

Emas Chiyoda ROV Pte Ltd 17-31145 DIP Funding -$ 150,000.00$ -$ -$

EMAS CHIYODA Subsea Services (UK) Limited 17-31152 DIP Funding 25,000.00$ 25,000.00$ 35,000.00$ 50,000.00$

EMAS CHIYODA Subsea Services B.V. 17-31153 DIP Funding 150,000.00$ 200,000.00$ 95,000.00$ 272,000.00$

EMAS Saudi Arabia Ltd. 17-31154 DIP Funding 950,000.00$ 675,000.00$ 1,100,000.00$ 5,350,000.00$

Dale Alberda n/a -$ -$ -$ -$

Daniel Sack Salary & KEIP (2)

33,507.68$ 33,507.68$ 33,507.68$ 176,761.52$

Daniel Sack Expense Reimbursement 7,787.40$ 6,727.07$ 82.00$ 756.24$

David Lowther Salary 36,725.13$ 36,730.21$ 36,733.26$ 36,736.91$

David Lowther Expense Reimbursement 1,610.35$ 3,356.51$ 562.22$ 3,319.05$

Dominic Koay Seng Koeng Salary 23,452.56$ 23,452.56$ 23,550.84$ 23,799.16$

Dominic Koay Seng Koeng Expense Reimbursement 9,410.31$ 4,721.76$ 1,169.65$ 2,056.02$

Hiroyuki Endo Expense Reimbursement 83.60$ 1,212.81$ 156.93$ 119.81$

Lee Chye Tek Lionel Expense Reimbursement 2,625.31$ 356.65$ -$ -$

Paul Byington n/a -$ -$ -$ -$

Stephen McGuire Salary & KEIP (2)

14,451.64$ 14,451.64$ 14,451.64$ 148,177.46$

Stephen McGuire Expense Reimbursement -$ 5,866.96$ 841.14$ -$

Toru Suzuki n/a -$ -$ -$ -$

Tiziano Zarbo Salary 25,147.60$ 25,463.95$ 25,936.68$ 50,727.59$

Tiziano Zarbo Expense Reimbursement 1,488.84$ 331.71$ 2,319.32$ 1,611.21$

Vincent Leong Salary & KERP (3)

13,846.16$ 13,846.16$ 13,846.16$ 65,769.24$

Vincent Leong Expense Reimbursement 134.64$ 12.00$ 63.46$ -$

William J. Safford n/a -$ -$ -$ -$

Yap Siew Leng Cheryl Salary & KEIP (2)

17,052.50$ 17,052.50$ 17,123.96$ 147,392.66$

Yap Siew Leng Cheryl Expense Reimbursement -$ 132.60$ 248.91$ 8.79$

Wisan Wataniyakun n/a -$ -$ -$ -$

Takahiro Teraoka n/a -$ -$ -$ -$

March 2017 April 2017 May 2017 June 2017

14,497.81 - -

- 93,298.42 97,717.98 184,203.83

- - 332.27

- - 14,579.25

- - 39,000.00

- - 15,461.64 4,265.76

Ernst n Young - FFA Juridique et Fiscale 5,010.41

Akin Gump Strauss Hauer & Feld LLP - - - 807,848.16

Allen & Gledhill LLP - - - 199,236.80

Alvarez & Marsal, LLC - - - 140,661.93

Blank Rome LLP - - - 22,381.29

GRHIF Consulting - - - 6,709.53

MILBANK - - - 1,729,202.73

- - - 137,168.23

- - - 35,706.45

BDO USA LLP - - - 65,000.00

(2) - Key Employee Incentive Plan

(3) - Key Employee Retention Plan

MOR - 8

6/1/17 - 6/30/17

17-31146

Insiders Payment related to:

Professionals

Porter Hedges LLP

Vinson & Elkins LLP

Bell Pottinger Pte Ltd (1)

Epiq Bankruptcy Solutions

Trade Partners Limited

Ernst & Young Congo

Mercer (US) Inc.

Ernst & Young & Co. (Public Accountants) Saudi

(1) - The Debtor inadvertently paid the postpetition invoice for a public relations firm not realizing the firm may be deemed an ordinary course professional. The Debtors have filed an

ordinary course professional declaration for this firm at Docket Number 289. The 21 days notice period has expired on May 9, 2017 and no objections were received.


In re: EMAS CHIYODA Subsea Limited, et al Case No. 17-31146

Debtor Reporting Period: 4/1/17 - 6/30/17

April May June Quarterly Disb. Fees April May June Quarterly Disb. Fees

Total Disbursements For Calculating U.S. Trustee Quarterly Fees 50,700$ 60,071$ 26,062$ 136,833$ 975$ Total Disbursements For Calculating U.S. Trustee Quarterly Fees -$ -$ -$ -$ 325$


Total Disbursements For Calculating U.S. Trustee Quarterly Fees 10,912,038$ 10,898,062$ 12,557,823$ 34,367,923$ 30,000$ Total Disbursements For Calculating U.S. Trustee Quarterly Fees -$ -$ -$ -$ 325$


Total Disbursements For Calculating U.S. Trustee Quarterly Fees 16,074,635$ 9,496,978$ 29,125,775$ 54,697,388$ 30,000$ Total Disbursements For Calculating U.S. Trustee Quarterly Fees 12$ 12$ 12$ 36$ 325$


Total Disbursements For Calculating U.S. Trustee Quarterly Fees 171,563$ 620,144$ 462,150$ 1,253,857$ 6,500$ Total Disbursements For Calculating U.S. Trustee Quarterly Fees 48,664$ 36,551$ 44,444$ 129,659$ 975$


Total Disbursements For Calculating U.S. Trustee Quarterly Fees 10$ 179,455$ 219$ 179,685$ 1,625$ Total Disbursements For Calculating U.S. Trustee Quarterly Fees 279,018$ 156,755$ 294,912$ 730,684$ 4,875$


Total Disbursements For Calculating U.S. Trustee Quarterly Fees -$ 112,277$ 95$ 112,372$ 975$ Total Disbursements For Calculating U.S. Trustee Quarterly Fees 88,501$ 1,275,392$ 5,561,663$ 6,925,556$ 13,000$


Total Disbursements For Calculating U.S. Trustee Quarterly Fees 115,687$ 228,786$ 114,362$ 458,834$ 4,875$ Total Disbursements For Calculating U.S. Trustee Quarterly Fees 660$ 1,735$ 4,791$ 7,185$ 325$

April May June Quarterly Disb. Fees TOTAL FEES Q2 2017 DUE 95,425.00$

Total Disbursements For Calculating U.S. Trustee Quarterly Fees -$ 0 - -$ 325$ Total Disbursements 27,741,488$ 23,066,217$ 48,192,308$ 99,000,013$

EMAS CHIYODA Subsea Marine Base LLC 17-31147

Lewek Falcon Shipping Pte. Ltd. 17-31143 EMAS CHIYODA Subsea Services B.V. 17-31153

Lewek Constellation Pte. Ltd. 17-31144 EMAS Saudi Arabia Ltd. 17-31154

EMAS CHIYODA ROV Pte. Ltd. 17-31145 EMAS CHIYODA Subsea (Thailand) Co., Ltd. 17-31155

EMAS Chiyoda Subsea Inc. 17-31139 Gallatin Marine Management, LLC 17-31150

EMAS-AMC Pte. Ltd. 17-31141 EMAS CHIYODA Subsea Services LLC 17-31151

EMAS Chiyoda Subsea Services Pte. Ltd. 17-31142 EMAS CHIYODA Subsea Services (UK) Limited 17-31152



SOUTHERN DIVISION

CONSOLIDATING SUMMARY OF U.S. TRUSTEE FEES

EMAS CHIYODA Subsea Limited 17-31146 EMAS CHIYODA Marine Base Holding Co., LLC 17-31149


Documents

Case 17-31146 Document 610 Filed in TXSB on 07/21/17 Page