The contract is not expected to end earlier than 2010, excluding extension options and will have a positive impact on EOC's earnings from FY08 onwards.
EOC's first heavy-lift, accommodation and pipelay vessel, the Lewek Champion, will play a key role in the installation of sub-sea pipelines as well as the transportation and installation of drilling, production and wellhead platforms in the offshore field.
"This significant contract with the Lewek Champion will propel and position EOC as a serious contender in the fast-growing production & construction segment of the offshore support services sector," said Mr. KK Lim, EOC's Managing Director.
He added: "The market for construction, transport and installation; and commissioning or de-commission offshore fields is already on an upswing and we expect our modern and well-equipped vessels to be in great demand."
The Lewek Champion was recently chartered to international integrated energy major ConocoPhillips for accommodation support and decommissioning work in the planned shut-down of the Bayu Undan platform, located in the Timor gap, an area of ocean flanked by Timor, Indonesia and Australia.
"EOC will further establish its positioning in the sector and our strong niche in deepwater work with the proposed addition of our second pipe-laying, accommodation, well-services and maintenance vessel in 1HFY09," said Mr. Lim.
The Lewek Champion, which was christened at a ceremony on the Indonesian island of Batam, is equipped with a Class DP2 Dynamically Positioning system, upgradable to DP3, an 800-tonne heavy-lift crane and can accommodate up to 500 men.
EOC presently manages heavy-lift accommodation crane barges Lewek Conqueror and Lewek Chancellor. The Lewek Champion is the latest addition to its fleet. The Group has also taken delivery of a tanker which will be converted into a floating, production, storage and off-loading vessel in FY08 and has the intention of acquiring another Class DP2 accommodation vessel with pipelaying capability in 1HFY09.
EOC, which was listed on the OTC of the Oslo Stock Exchange on April 23, 2007, specializes in offshore construction & maintenance services, prefabrication work, installation and commissioning work as well as transportation services to the oil & gas sector. The Group is 88% owned by – and the Production & Construction division of – Singapore Exchange-listed Ezra Holdings Limited, a leading integrated offshore support and marine services provider in Southeast Asia's offshore oil and gas industry.
EOC Limited offers fabrication, offshore construction & hook-up and commissioning services, as well as transportation services to the oil & gas sector. It manages heavy lift accommodation crane barges Lewek Conqueror and Lewek Chancellor, a pipelay vessel (Lewek Champion, delivery in 1HFY08), and Lewek FPSO 1 (delivery FY08).
It is the construction & production arm of Singapore Exchange-listed Ezra Holdings Limited, a unique owner/operator of an integrated range of support vessels for charter across a broad spectrum of the oil & gas offshore support services supply chain.
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