Ezra to Transfer Offshore Support Services Arm to EOC for $520M
Ezra Holdings Limited (Ezra or the Ezra Group) announced Thursday plans to consolidate its Offshore Support Services division, EMAS Marine, into its associated company, EOC Limited (EOC), which is listed on the Oslo Bors, Norway.
Upon completion of the transaction, the enlarged EOC Group will be one of the largest offshore support operators in Asia Pacific by asset value, managing an offshore services platform comprising over $1 billion in offshore support assets. Its diverse and versatile fleet of 50 offshore vessels is among the youngest in the region. The fleet has a combined bollard pull of almost 4,000 tons, more than 37,000 dead weight tons (dwt) and a total of almost 350,000 BHP, making it one of the strongest and most powerful in the region, with capabilities to operate globally at ultra-deep water depths.
“By bringing together EMAS Marine and EOC, Ezra has created an offshore solutions provider in the region that is ahead of its peers in terms of fleet capabilities,” said Lionel Lee, Ezra’s Group CEO and managing director.
“This move allows us to capitalize on investors’ growing interest for exposure in the different segments of the offshore oil and gas sector, and at the same time, meet increasing demand for newer offshore support vessels (OSVs) with large deck areas, accommodation capacity, bollard pull, and dynamic positioning capabilities among our clients.
“By combining our established platform of resources, talent and technical capabilities, together with EOC’s strategy to expand into the offshore accommodation space, we believe it is now time to unlock value and consolidate our business units.”
Lee Kian Soo, Ezra’s Group founder, non-executive and non-independent director, said: “This is a significant milestone for us. When we started in 1992, we were a simple ship operator. Seven years later, we obtained our first vessel. Today, I am pleased to present to the market this new platform which manages 50 vessels. Through the years, we have gained international recognition for our strong execution capabilities and operational flexibility. I believe that with our enlarged platform, we can capture a greater market share and serve our clients better.”
The enlarged EOC fleet boasts modern and technologically advanced vessels with strong deepwater capabilities to meet growing demand arising from increased offshore oil and gas exploration and production activities globally. It will leverage EMAS Marine’s extensive execution capabilities and established track record in asset management to strengthen its position as a leading offshore solution provider, offering a suite of offshore support services, including, OSVs, accommodation, construction, and resource management.
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