EOC'S LEWEK EMAS ACHIEVES FIRST OIL IN VIETNAM'S CHIM SAO FIELD
- Group’s latest and largest FPSO commences on US$1b charter to Premier Oil for up to 12 years
- Production contract to contribute to EOC’s recurrent earnings from 1QFY2012
The Lewek EMAS, the latest and largest floating production, storage and offloading (“FPSO”) vessel co-owned by EOC Limited (“EOC” or “the Group”), has successfully achieved first oil in Vietnam’s Chim Sao field on 10 October 2011. This milestone marks the commencement of the vessel’s US$1 billion charter contract with Premier Oil Vietnam Offshore B.V.. Revenue from this contract is expected to contribute positively to the Group’s stream of recurrent earnings from 1Q FY2012.
The contract, which was one of a handful of FPSO contracts awarded globally in 2009, comprises a primary term of six years, with six renewable one-year extension options. EOC, one of Asia’s leading providers of offshore construction and production services to the oil and gas (“O&G”) sector, has a 41.7% stake in the Lewek EMAS.
Mr Lim Kwee Keong, EOC’s Chief Executive Officer, said: “The safe execution of this project and the commencement of production by the Lewek Emas further establishes EOC's credentials as a reliable provider and operator of FPSOs. We remain committed to delivering even greater levels of service and to further consolidate our commendable track-record of safe operations with reputable counterparties”
Lewek EMAS, which underwent conversion in Singapore’s Keppel Shipyard from a 168,000 deadweight tonne Suezmax oil tanker, has a storage capacity of about 660,000 barrels of oil and can produce up to 50,000 barrels of oil per day. Her day-to-day Operations and Maintenance, during the contract period, is being undertaken by PVTrans Emas Company Limited, a newly-incorporated Vietnamese Joint Venture company owned by PetroVietnam Transportation Corporation and EOC Limited.
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 two floating production, storage and offloading units, the Lewek Arunothai and the Lewek EMAS. These vessels are utilised in various support activities that last through facility development, production, operations, maintenance and abandonment.
The firm has a footprint covering Australia, Brunei, India, Indonesia, Malaysia, the Middle East, the Philippines, Thailand and Vietnam, 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