EZRA AND EMAS OFFSHORE ANNOUNCE PROPOSED DIVESTMENT OF LEWEK EMAS
Ezra Holdings Limited (“Ezra”), a leading contractor and provider of integrated offshore solutions to the oil and gas industry and EMAS Offshore Production Service (Vietnam) Pte Ltd (“EOPS”), a wholly-owned subsidiary of EMAS Offshore Limited[1] (“EMAS Offshore”), an established offshore services provider, today announced that they have accepted a non-binding letter of intent to sell at least their current combined 78.4% equity interest in PV Keez Pte Ltd (“PV Keez”) to a global infrastructure investment firm. PV Keez is a single purpose company who owns the FPSO Lewek EMAS, which is chartered to Premier Oil Vietnam Offshore BV (“POVO”) as operator of the Chim Sao field offshore southern Vietnam.
Ezra and EOPS are expected to receive an aggregate consideration of a combination of cash and sellers credit, upon successful closure of the transaction.
Commenting on this transaction, Lionel Lee, Group CEO and Managing Director of Ezra, said, “This transaction is fully in line with the Group’s strategy to move away from ownership of FPSO assets and will allow us to streamline our resources. Furthermore, it will allow us to move towards capitalising on the capabilities and experience we have harnessed from FPSO conversions and to build a franchise based on providing higher value-added services.”
Captain Adarash Kumar, EMAS Offshore’s Chief Executive Officer, added, “This transaction will enable us to strengthen our financial position and refocus the company’s business in the offshore support sector during the current challenging times in the oil and gas sector.”
Barring any unforeseen circumstances and subject to the entry into a formal and binding agreement and obtaining the requisite approvals, the transaction is expected to be completed by no later than the end of June 2016.
EMAS Offshore has also released details on the above transaction in a separate announcement that is available on its website at www.emasoffshore.com and can be accessed through http://emasoffshore.listedcompany.com/news.html/id/520362.
[1] Ezra is the holding company of EMAS, controlling 76.19% of the issued shares in EMAS.
ABOUT THE COMPANY
www.emasoffshore.com
Oslo Børs listing: October 2007 ; SGX Mainboard listing: October 2014
EMAS Offshore Limited (EMAS Offshore or the Company) is an established offshore services provider offering offshore support, accommodation, construction and production services to customers in the oil and gas industry throughout the oilfield lifecycle, spanning exploration, development, production and decommissioning stages. Headquartered in Singapore, EMAS Offshore holds a leading market position in the Asia Pacific region, with global operations across Latin America, Africa and Australia.
Business activities are carried out by two business segments, namely: (1) the Offshore Support and Accommodation Services division and (2) the Offshore Production Services division.
EMAS Offshore’s excellent operational and HSE (health, safety and environment) track record has allowed the Company to establish strong working relationships with leading international oil majors, national oil companies and various independent operators.
FOR FURTHER ENQUIRIES
Mr. Hsu Chong Pin
EMAS Offshore Limited
65 6800 1202
investor_relations@emasoffshore-cnp.com