EOC SUBSIDIARY ENTERS INTO INTERIM AGREEMENT FOR A NORTH SEA PROJECT

• Inks exclusive interim agreement for FPSO engineering study
  
  
• Possible charter agreement for an FPSO
  
  
• Move in line with Group’s strategy to grow recurrent income base
  
  

EOC Limited’s 100% owned subsidiary, Emas Offshore Construction and Production Pte Ltd (“EOCP”) has entered into an exclusive interim agreement with the owners of the Perth Field comprising DEO Petroleum UK Limited, Faroe Petroleum UK Limited and Atlantic Petroleum UK Limited (together the “Perth Group”).

Under the interim agreement, EOCP will perform detailed engineering to further refine the concept established during the FEED (Front End Engineering and Design) studies for a Floating Production Storage and Offloading vessel (“FPSO”) to be deployed in the Perth Field development in Block 15/21a of the UK Continental Shelf. The FPSO and its processing capabilities will be designed to accommodate the several phases of development drilling on the field, and will also feature expanded capacity to handle the anticipated tiebacks from the various third-party stranded fields in the vicinity. Under the terms of the Interim Agreement the parties have substantially agreed commercial and other terms for the Charter Party that they propose to enter on satisfaction of certain conditions including project sanction by the Department of Energy and Climate Change (“DECC”).

Mr Lim Kwee Keong, EOC Limited’s Chief Executive Officer, said: “Our aspiration is that this agreement with the Perth Group will see EOC Limited’s maiden foray into the North Sea, a major area of potential for the deployment of FPSOs. We are confident that EOCP’s experienced professionals will deliver the high-standards necessary for the harsh and demanding operating environment in the North Sea.”

The EOC Group currently owns and operates a fleet of specialised offshore vessels comprising two FPSOs and three offshore construction vessels. Its latest FPSO, the Lewek EMAS which has a storage capacity of about 660,000 barrels of oil and can produce up to 50,000 barrels of oil per day, successfully achieved first oil and commenced its contract with Premier Oil Vietnam Offshore B.V. in Vietnam in October 2011.

ABOUT THE COMPANY
www.emasoffshore-cnp.com

Oslo Børs listing: October 2007

EOC Limited offers offshore floating production services that support the full life cycle of offshore oil and 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. The Group has conducted operations in Australia, Brunei, India, Indonesia, Malaysia, the Middle East, the Philippines, Vietnam and Thailand, and continues to do so currently.

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 brought in a steady stream of repeat business and recurring income.

The Group is 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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