Said Ezra's Managing Director Lionel Lee: "The market for offshore construction and production support vessels is on an upswing and we want to expand our fleet and build up our range of service capabilities to take advantage of the rising wave of opportunities. The listing will help to further unlock Ezra's value and also enables EOC to accelerate its expansion plans. EOC's European listing is also strategic for the Group as it enhances our overall position in the North Sea, South America and West Africa markets."
"In line with our asset-light strategy, we intend to reduce Ezra's stake in EOC to below 50%. We are exploring various options of this exercise which include paying dividends in specie to our shareholders and the issue of new shares," added Mr. Lee.
EOC specializes in providing offshore fabrication, commissioning and transportation services to the oil & gas sector. It currently manages two heavy lift accommodation crane barges and recently took delivery of the Lewek Champion, a pipe-lay and accommodation vessel.
EOC's admission to the Main Board is subject to the following conditions:
Ezra currently manages 25 vessels – 14 AHTS, four AHTs, three crewboats, two heavy lift accommodation crane barges, one heavy lift accommodation pipe-lay vessel and a deck cargo barge - and is expecting delivery of 10 more vessels by 2009. The Group also holds investment stakes in jackup rigs, and has strong operating and offshore marine logistics synergies with SGX-listed Ezion Holdings Limited (formerly: Nylect Technology Limited), in which it recently took a 18.2% strategic stake.
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