Ezra's Shareholders Approve Consolidation of EMAS Marine into EOC

Singapore's Ezra Holdings Limited (Ezra or the Group), a leading contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, announced Tuesday that its shareholders have approved the resolution on the proposed consolidation of its offshore support services division, EMAS Marine, with its associated company, EOC Limited (EOC), the proposed offering of EOC on SGX-ST and the secondary sale of EOC shares.

About 98.5 percent of shareholders voted in support of the resolution by a poll at today’s Extraordinary General Meeting (EGM).

“I am glad that shareholders have supported the Directors’ recommendation to vote in favour of the resolution, which will enhance the value proposition of each of our core business segments,” said Lionel Lee, Ezra’s Group CEO and
managing director.

“The proposed dual listing in Singapore will be a good platform for investors to gain exposure to one of the industry’s most technologically advanced fleet with capabilities to operate globally at ultra-deep water depths. With this move, Ezra will create one of Asia Pacific’s largest, youngest and strongest offshore services players with a fleet of over US$1 billion in offshore support assets.”

“Ezra’s IPO in 2003 was a huge success, with the public offer highly oversubscribed. The IPO spurred the Group’s rapid expansion and by 2005, Ezra was promoted to the SGX Mainboard. Two years on, Ezra’s business had grown into distinct and sizeable units and EOC was listed on Oslo Børs in 2007 to further its expansion plans. This  consolidation and Singapore listing will set another key milestone for the Group, combining the strong ship management and operations track record of EMAS Marine with the platform services and engineering capabilities of EOC to create an enlarged platform which will propel EOC’s growth forward,” said Lee Kian Soo, Ezra’s Group founder, non-executive and non-independent director.

The secondary listing of EOC in Singapore will place the company as the first to dual-list in Norway and Singapore for capital raising. Three of the major banks in Singapore, namely DBS Bank Limited (DBS), Oversea-Chinese Banking Corporation Limited (OCBC) and United Overseas Bank Limited (UOB) have been engaged to assist the Company on the proposed dual listing on the Singapore Exchange. It is led and underwritten by DBS. OCBC has been appointed as joint bookrunner and underwriter with DBS, and UOB as co-lead manager for the Singapore listing. DNB Bank ASA, Norway’s largest financial services group, has been appointed as financial adviser to EOC for the transaction.

More details on the proposed listing will follow. It is subject to, among other things, approval from the SGX-ST and the shareholders of EOC, as well as the prevailing capital market conditions. EOC will hold its EGM Aug. 22.


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