EOC posts 44% higher 4QFY10 net profit of US$7.3m
- Net cashflow from operations improves to US$8.3m, lifting full-year figure to US$55.5m
- 2nd FPSO on schedule to be delivered in 2Q FY11 and will add to earnings
- Expects pick-up in demand; participating in tenders for new FPSO opportunities
SINGAPORE, 22 October 2010
EOC Limited (EOC or the Group), a provider of offshore oil and gas (O&G) support services in Asia, today reported a 44% year-on-year (yoy) jump in net profit to US$7.3 million for the fourth quarter ended 31 August 2010 (4QFY10) on a revenue of US$31.8 million, a rise of 82%.
The Group also pulled itself out from 3QFY10’s loss of US$3.4 million as its fleet of four vessels were fully chartered out in the fourth quarter. With the Lewek Arunothai adding US$19.7 million to revenue in 4QFY10, net cashflow from operations improved to US$8.3 million against 4QFY09’s US$6.8 million. For the full year ended 31 August 2010 (FY10), the Group achieved a net cashflow of US$55.5 million from operations, compared with US$37.8 million generated a year ago.
Said Mr Lim Kwee Keong, EOC’s Chief Executive Officer, “The market for construction and production vessels such as ours is picking up and we are actively participating in tenders for new FPSO opportunities.”
“On top of this, we are exploring alternative energy projects and plan to grow our income from engineering services and from the management and operation of third party vessels. We see better times ahead.”
In FY11, the Group will focus on keeping its fleet busy fulfilling existing contracts as well as chasing projects in new target markets like Africa, the Mediterranean, and the Americas.
In February, EOC clinched its largest contract to-date, worth up to US$1 billion with all options exercised, for the provision of a Floating Production, Storage and Offloading unit (FPSO) in Vietnam’s Chim Sao oilfield, as part of a venture involving other industry partners. The ongoing conversion work for the FPSO is on schedule for delivery in 4QFY11 and will add to the Group’s earnings.
ABOUT THE COMPANY
www.emasoffshore-cnp.com
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
EOC Limited
65 9792 8616
engyew.chan@emasoffshore-cnp.com
Ms. Carol Chong
Oaktree Advisers
65 9475 3167
carolchong@oaktreeadvisers.com
Ms. Nora Cheng
Oaktree Advisers
65 9634 7450
noracheng@oaktreeadvisers.com
Other media releases on the company can be accessed at www.oaktreeadvisers.com