EOC BAGS SIZEABLE US$45M PIPELAY PLATFORM INSTALLATION CONTRACT FROM NEW CLIENTS
n Lewek Champion will lay 70 km of pipes and install 11 wellhead platforms in the Gulf of Thailand
n Contract for the heavy-lift accommodation pipelay vessel expected to contribute significantly to the Group’s FY11 performance
n Will focus on keeping fleet well-deployed in view of expected pick-up in offshore O&G production and construction demand
EOC Limited (EOC or the Group), a leading provider of offshore oil and gas (O&G) support services in Asia, has secured a sizeable pipelay and platform installation contract from new clients - Chevron Offshore (Thailand) Limited, Chevron Thailand Exploration and Production, Ltd and Chevron Pattani, Ltd – which are subsidiaries of Chevron Corporation, one of the world’s leading integrated energy companies.
The scope of work under the contract includes the installation of 11 offshore platforms and 16 subsea pipelines spanning 70 km in the Gulf of Thailand. The Group’s heavy-lift accommodation pipelay vessel (the Lewek Champion) will be used for the project, which is worth approximately US$45.0 million and will keep the vessel fully utilised until August 2011. As a result, EOC expects the Lewek Champion to contribute significantly to the current financial year ending 31 August 2011 (FY11).
Mr Lim Kwee Keong, EOC’s Chief Executive Officer, said: “Our ability to secure new valuable clients despite tough competition underlines the market’s recognition of EOC’s growing reputation as a reliable and superior provider of offshore production and construction support services.
“Offshore O&G production and construction activity is gradually picking up and we are currently in negotiations that should heighten deployment of our technologically-advanced fleet. Backed by our track record for safety and efficiency as well as timely delivery of projects, we are confident of securing opportunities that will ensure healthy utilisation of our vessels.”
In late 2009, EOC clinched its largest contract ever – worth up to US$1 billion if all the options are exercised – for the provision of a floating production, storage and offloading (FPSO) unit at Vietnam’s Chim Sao oilfield, in a venture involving other industry players. The conversion of this vessel – the Group’s second FPSO – is on track and first production is scheduled for mid-2011.
The Group recently reported a net profit of US$0.6 million on a revenue of US$23.5 million for the first quarter ended 30 November 2010.
ABOUT THE COMPANY
Oslo Børs listing: October 2007
EOC Limited offers offshore construction & floating production services and installation & commissioning work as well as transportation services that support the entire life cycle of offshore oil & gas production.
It manages two heavy-lift accommodation crane barges, the Lewek Conqueror and the Lewek Chancellor; a dynamically positioned heavy-lift accommodation pipelay vessel, the Lewek Champion; and a floating production, storage and offloading unit, the Lewek Arunothai. These vessels are utilised in various support activities that last through facility development, production, operations, maintenance and abandonment.
The firm operates in Australia, Brunei, India, Indonesia, Malaysia, the Middle East, the Philippines and Thailand, and is an associate company of Singapore Exchange-listed Ezra Holdings Limited, the largest owner/operator of an integrated range of offshore support vessels for charter across a broad spectrum of the oil & gas offshore support services supply chain.
FOR FURTHER ENQUIRIES
Mr. Chan Eng Yew
65 9792 8616
Ms. Carol Chong
65 9475 3167
Ms. Nora Cheng
65 9634 7450
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