Singapore’s EOC Sucessfully Listed on Oslo’s Stock Exchange

Singapore-based offshore marine vessels contractor Ezra Holdings Ltd. successfully listed its production and construction arm EOC Ltd. on the mainboard of the Oslo Stock Exchange on October 3, 2007 under the ticker EOC. 
Ezra expects to receive gross proceeds of about US$177 million from the divestment of about 43.4 million existing EOC’s shares at US$4.07 per share.  The sale was done through a private placement and retail offering to 960 shareholders as part fulfillment for the listing on the Oslo’s mainboard.
Ezra now owns about 54.2 million EOC shares representing a 48.9 percent stake in the offshore production and construction support services provider.  The settlement and delivery of the shares took place on Oct. 5.  EOC is the first Singaporean managed and Singapore incorporated company to be listed on Oslo’s mainboard.
Ezra’s Managing Director, Lionel Lee said, “The net proceeds from the disposal [of EOC shares] will be used to fund Ezra’s expansion, acquisitions, working capital and cash dividend distribution to shareholders.  The divestment is also in line with our asset-light strategy where each operating division is able to fund its own growth requirements.
“EOC’s mainboard listing will enhance its corporate profile in the international offshore production and construction sector and will enable it to accelerate its own expansion to meet the upswing in demand.  Ezra is now well-placed to tap all the key offshore oil and gas markets in Asia, the North Sea, South America and West Africa.”
EOC specializes in providing various aspects of construction and production services to the offshore oil and gas industry, including but not limited to offshore construction, pipelaying, decommissioning, accommodation and floating production services.  It currently owns and manages two heavy lift accommodation crane barges and recently took delivery of Lewek Champion, a pipelay and accommodation vessel.  The company now manages 25 vessels and is expecting delivery of 11 more vessels by 2010.  The company also holds investment stakes in jackup rigs, and a 18.2 percent stake in offshore marine logistics services provider, Ezion Holdings.
Last month, Ezra awarded a US$110.5 million contract for the design and construction of a large 27,000 bhp multi-functional support vessel to Norway’s Karmsund Maritim Service AS.  The contract value includes the cost of add-on equipment.

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