EOC’S SUBSIDIARY SIGNS COOPERATIVE AGREEMENT WITH PETROVIETNAM SUBSIDIARY

- Deal expected to generate up to approximately US$179m in revenue for the joint venture company over the full tenure of FPSO contract for Chim Sao field in Vietnam - Venture will provide operating and management services for FPSO - Strengthened ties position Group for more opportunities in Vietnam

SINGAPORE, 12 January 2010 EOC Limited (EOC or the Group), one of Asia’s leading operators of offshore construction & floating production vessels, has signed a cooperative agreement with PetroVietnam Transportation Corporation (PVT), a subsidiary of the national oil and gas group in Vietnam, PetroVietnam, to incorporate a joint venture which will be equally owned through their respective subsidiaries . This joint venture involves the providing operations and maintenance services for an FPSO (Floating Production Storage and Offloading vessel) which is expected to earn up to approximately US$81 million in revenue for the primary term of six years and, additionally up to another approximately US$98 million for the remaining option period of up to six years. This earnings stream – together with the charter of the FPSO, which EOC will co-own with three other entities – will significantly increase the Group’s recurrent income base and allow it to add to its robust earnings model. Mr Lim Kwee Keong, EOC’s Chief Executive Officer, said: “This partnership with PVT represents a major milestone for the Group. Apart from creating an additional recurrent income stream, it allows us to strengthen our ties with our Vietnamese partners, and increase the Group’s geographic footprint and will position us to capture more opportunities in terms of securing lucrative contracts within the region.” The venture will see EOC and PVT providing operation and maintenance services to the FPSO contracted for the Chim Sao oil project in Vietnam. Under the venture, EOC will share and transfer its knowledge and expertise in operating and managing the FPSO with PVT as they work together to perform oil and natural gas liquids processing offshore. The Chim Sao FPSO will be EOC’s second, and its contract with Premier Oil Vietnam Offshore B.V. is the Group’s largest win to date, worth up to approximately US$1 billion. The FPSO, which is being converted by Keppel Shipyard from a 168,000 deadweight tonne Suezmax oil tanker, is expected to produce up to 50,000 barrels of oil per day and have a storage capacity of about 680,000 barrels of oil. Production is slated to begin in the second quarter of 2011.