EOC’S LEWEK CHANCELLOR CONTINUES TO ENJOY HIGH UTILISATION RATE

 Wins new contract right after completing earlier engagement  Latest time-charter contract expected to last until June 2010  Group expects steady demand for offshore construction and production vessels as oil prices firm SINGAPORE, 25 November 2009 EOC Limited (EOC or the Group), an Asian-based provider of offshore oil and gas support services, continues to see excellent utilisation rates for its accommodation and construction crane barge, the Lewek Chancellor, having clinched a new time-charter contract for the vessel that begins immediately. The vessel – the Group’s second accommodation crane barge designed to provide offshore construction support services – has just completed a contract that was extended in April. The new contract is expected to keep the Lewek Chancellor busy until June 2010. Under this contract, the vessel will provide installation, accommodation, and maintenance support services for a British independent oil company, which is listed on the London Stock Exchange and also on the US over-the-counter market, operating off the west coast of India. Mr Lim Kwee Keong, EOC’s Chief Executive Officer, said: “These back-to-back contracts for the Lewek Chancellor underline the steady demand for offshore construction and production services. Moreover, our young and well-equipped fleet gives us an edge over our peers as we tap into this demand.” On prospects ahead, he added: “We expect our fleet to remain well-utilised as oil prices grow firmer, driven by signs of an economic recovery. In addition, we foresee further upward revisions in capital expenditure by global oil majors.” Last month, the Group clinched its largest-ever contract, worth up to approximately US$1 billion, to operate a new floating production, storage and offloading (FPSO) vessel for the high-profile Chim Sao oil project in Vietnam. The FPSO will perform oil and natural gas liquids processing, as well as water injection. Able to produce up to 50,000 barrels per day, it is expected to begin production in the second quarter of 2011.