EOC Limited (EOC or the Group), one of Asia’s leading providers of offshore oil and gas development and production solutions, announced Tuesday that it has been awarded work in South East Asia worth close to $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, 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 $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.
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