Ezra Holdings Limited – completed conditional sale of shares in EOC Limited

Reference is made to the press release made by Ezra Holdings Limited (“Ezra”) on 10 September regarding its potential sale of shares in EOC Limited (“EOC”).

Ezra received orders to buy up to 36,413,500 shares at a price of NOK 22 per share. The price was determined through a bookbuilding process conducted by Pareto Securities as manager for the transaction.

The settlement and delivery of the shares is conditional upon EOC obtaining the minimum number of shareholders in order to be listed on the Oslo Børs ASA (main list).

Ezra will offer additional shares to be placed through a retail offering in the Norwegian market in order for EOC to create the necessary free float and obtaining the number of round lot holders necessary for EOC to fulfill the listing conditions on the Oslo Børs ASA. It is anticipated that such retail offering will commence on Monday 24 September and end on Friday 28 September 2007, conditioned upon a prospectus being approved by Oslo Børs.

The shares conditionally sold in the Private Placement will be settled and delivered subsequent the offer period for the retail offering. In the event EOC does not obtain the necessary number of round lot holders, no shares will be sold by Ezra.

Ezra will subsequent to the private placement (if completed) own a total of 61,226,462 shares constituting approximately 55.2% of the share capital in EOC. The retail offering will further reduce their holdings.

EOC expects to list on the Oslo Børs on or about 3 October 2007.

Om oss

EOC is the leading owner and operator of floating production, storage and offloading (”FPSO”) and offshore construction services contractor based in Asia. We add value throughout the life cycle of oil and gas production, from exploration, through facility development, production, operations, maintenance and abandonment. We operate throughout Australasia and the Middle East in 4 focused business segments, namely: • Floating production storage and offloading systems• Pipe lay, heavy lift, transportation and installation• Accommodation barges and marine support services• Engineering and project management of turret mooring systems, heavy lift, transport and installation. The unique integration of engineering, offshore construction, operation of FPSOs and marine support vessels differentiates EOC from its competitors. By offering synergies and cost savings through the life of the field development, EOC is able to competitively position itself as an integrated solutions provider for the offshore energy sector. Incorporated in February 2007, EOC is a spin off from Ezra Holdings Limited, the leading Singapore based Anchor Handling, Towing and Supply vessel operator in Asia Pacific. EOC is headquartered in Singapore and has a healthy backlog of long term contracts with multinationals, national oil companies and independent operators. Currently, the Group is the owner of three heavy lift construction and accommodation units (one with pipe laying capability) that are currently in commercial operation. The Group also has a tanker under conversion into a FPSO for a South East Asian national oil company, which is expected to be in commercial operation in July 2008.

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