EOC enters into shipbuilding contracts for two new accommodation vessels

7/18/2014

EOC enters into shipbuilding contracts for two new accommodation vessels

SINGAPORE -- EOC Limited (EOC), reported that it would be adding two new accommodation/maintenance vessels to its fleet, in line with its focus on growing its offshore accommodation business.

EOC has entered into shipbuilding contracts worth a total of approximately  $72 million  with Xiamen Shipbuilding Industry Co., Ltd. a  shipyard based in Xiamen, China, for the two accommodation/maintenance vessels, with options for a further two similar specification vessels. The shipbuilding contract price does not include owner furnished and nominated equipment.

On 10 July 2014, the Group stated that it had entered into an agreement with its largest shareholder, Ezra Holdings (Ezra) to consolidate EMAS Marine, Ezra's offshore support services division, under the Group, to create one of the largest offshore support services providers in the Asia-Pacific region by asset value, as well as a proposed secondary listing of EOC in Singapore. In addition, the Group also stated the acquisition of an accommodation and support vessel on the same date. The addition of these two new accommodation vessels is in line with the Group's strategy to continue to grow its fleet and build on its platform as one of the largest offshore accommodation and support services providers in the region.

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