HOOK UP AND MAINTENANCE ACCOMMODATION BARGE LEWEK CONQUEROR WINS WORK WORTH ALMOST US$100M
EOC Limited (EOC or the Group), one of Asia’s leading providers of offshore oil and gas development and production solutions, has been awarded work worth close to US$100 million including options, for the Lewek Conqueror.
Under this charter contract with an oil major, the accommodation and construction barge will provide accommodation and support services for a project in South East Asia, for a period of five years, with an option to extend the agreement for a further two years.
EOC’s Chief Financial Officer, Mr Jason Goh, said: “The offshore accommodation market is showing strength, and we will leverage our track record and capabilities to build our position in this arena.”
This new win is expected to contribute positively to the Group’s earnings and the Lewek Conqueror is expected to commence operations during the third quarter of the current fiscal year ending August 2014. The vessel is currently undergoing mandatory drydocking after completing a long-term contract supporting an international oil major.
EOC recently entered into a US$200 million sale-and-leaseback arrangement for the Lewek Champion, its DP2 pipelay and heavy lift construction vessel, with a unit of ICBC Financial Leasing Co. Ltd. The transaction is part of the Group’s effort to strengthen its balance sheet and position itself for growth.
ABOUT THE COMPANY
Oslo Børs listing: October 2007
EOC Limited offers offshore construction and production services that support post-exploration phases in the life cycle of offshore oil and gas (O&G) fields. It has current operations and has operated in Australia, Brunei, India, Indonesia, Malaysia, the Middle East, the Philippines, Vietnam and Thailand.
It owns and operates two construction and accommodation vessels and two floating production, storage and offloading (FPSO) vessels, the Perisai Kamelia and the Lewek EMAS. The Group recently entered into a US$200 million sale-and-leaseback arrangement for the Lewek Champion, its DP2 pipelay and heavy lift construction vessel, which is on a long-term bareboat charter to EMAS AMC.
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. Jason Goh
EOC Limited
65 6590 8209
investor_relations@emasoffshore-cnp.com
Ms. Carol Chong
Oaktree Advisers
65 9475 3167
carolchong@oaktreeadvisers.com
Ms. Nora Cheng
Oaktree Advisers
65 9634 7450
Other media releases on the company can be accessed at www.oaktreeadvisers.com