EOC'S LEWEK ARUNOTHAI EXPLORES A LONGER TERM CONTRACT IN SOUTHEAST ASIA
- Current charter in Thailand concluding by end-November 2011
- Eyes gas production project in the high growth O&G development in the South East Asian region
- Potential contract will improve EOC's earnings visibility and add new client to list
EOC Limited (EOC or the Group), one of Asia’s leading providers of offshore production services to the oil & gas (O&G) sector, is eyeing a longer term contract for the Lewek Arunothai which will improve the visibility of its recurrent income stream as well as grow the Group’s client base.
The specific opportunity, which is undergoing bidding and if awarded, will likely run for a period of between three to five years and will utilize the Lewek Arunothai, EOC’s gas FPSO (floating, production, storage and offloading vessel), in Asia for an international integrated global energy company.
The Lewek Arunothai is currently employed in the Gulf of Thailand under a contract awarded in 2006 by Thailand’s national oil company, PTT Exploration and Production Public Company Limited, which will conclude by end-November 2011. The timing of the end of her current charter, which has been executed with industry leading operational and safety performance, places her as a strong candidate for the new deployment opportunity which requires an FPSO to be available with a relatively short lead-time.
Mr Lim Kwee Keong, EOC’s Chief Executive Officer, said: “We are always on the lookout to improve the earnings visibility of the Group and grow our recurrent income base. This potential contract will enable us to strengthen our presence in South East Asia, an exciting market for our FPSO, in particular high growth areas revolving around offshore gas opportunities and the possibility of working with a new client.”
The Group’s latest and largest FPSO, the Lewek EMAS, is currently employed in Vietnam’s Chim Sao field on a contract with a base term of six years and six renewable one-year extension options.
ABOUT THE COMPANY
www.emasoffshore-cnp.com
Oslo Børs listing: October 2007
EOC Limited offers offshore floating production services that supports the life cycle of offshore oil & gas (O&G) production. It owns and operates two floating production, storage and offloading (FPSO) vessels, the Lewek Arunothai and the Lewek EMAS and a fleet of construction vessels. It has current operations and has operated in Australia, Brunei, India, Indonesia, Malaysia, the Middle East, the Philippines, Vietnam and Thailand.
EOC’s successful operational and HSE (health, safety and environment) track records have enabled the Group to establish strong working relationships with leading international oil majors, national oil companies and various independent operators. In addition, these ties have also brought in a steady stream of repeat business and recurring income.
The Group is also an associate company of Singapore Exchange-listed Ezra Holdings Limited, a leading global offshore contractor and provider of integrated offshore solutions to the O&G industry.
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
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