EOC's LEWEK CHANCELLOR & LEWEK CHAMPION AWARDED NEW CHARTERS WORTH UP TO US$20M IN SOFT MARKET CONDITIONS
- Both vessels on hire into 4Q FY2010, in line with the largely short term project driven nature of the offshore construction sector
- Will stay focused on improving utilisation and extracting value from its fleet
SINGAPORE, 7th July 2010
EOC Limited (EOC or the Group), an Asian-based provider of offshore oil and gas (O&G) support services, has been awarded new charters worth up to US$20 million for its two vessels, the Lewek Chancellor and the Lewek Champion.
Both vessels will be fully utilised into the fourth quarter of financial year ending 31st August 2010 (4QFY2010).
This positive development comes shortly after its recent 10 June 2010 announcement that the Group’s Floating, Production, Storage and Offloading (FPSO) vessel, the Lewek Arunothai, had resumed operation after completing a maintenance and upgrading program.
Under the latest contract awarded by a joint venture between a Malaysian oil major and a Thailand petroleum exploration and production company, accommodation crane barge Lewek Chancellor will provide mainly accommodation support services to an offshore project.
The other contract requires the Lewek Champion, EOC’s heavy lift, pipelay and construction vessel, to provide structural heavy lift, pipelay and subsea construction services to a Malaysian O&G services provider.
Mr Lim Kwee Keong, EOC’s Chief Executive Officer said: “Our ability to clinch these contracts in this environment underpins our focus on improving utilization and extracting value from our fleet. We will strive to remain nimble and bid for projects which offer reasonable returns even during the current challenging period.”
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 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
MR QUEK HONG SOON
OAKTREE ADVISERS
+65 9048 5298
Other media releases on the company can be accessed at www.oaktreeadvisers.com