EMAS Marine and EOC Limited Combine Forces

Lewek Scarlet, a 180 ton bollard pull anchor handling tug, image: EMAS

Ezra Holdings Limited today, announced plans to consolidate its Offshore Support Services division – EMAS Marine, into its associated company, EOC Limited.

EOC Limited, a 2007 spinoff from Ezra Holdings, owns and operates three construction and accommodation vessels (including one with pipe laying capability), and two FPSOs. By bringing EMAS Marine into the fold, the enlarged EOC Group will be one of the largest offshore support operators in Asia Pacific by asset value, managing a 50-strong fleet of offshore vessels such as medium and large-sized anchor handling, towing and supply (AHTS) vessels, anchor handlers and fast crew utility vessels worth over USD $1 billion, in addition to its current assets.

As part of the consolidation, USD $150 million in cash and USD $370 million in new shares of EOCL will be paid to Ezra Holdings. In addition, EOCL Limited, an Oslo-listed company, will seek a secondary listing on the Singapore Exchange. Post transaction, Ezra Holdings will own a majority stake in the combined company of EOCL and EMAS Marine.

“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 Mr Lionel Lee, Ezra’s Group CEO and Managing Director.

“This move allows us to capitalise 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.

Newbuild Contract

EOC Limited also announced organic growth today in the form of a memorandum of agreement to built an accommodation and support vessel at Fujian Mawei Shipbuilding Ltd. The MOA comes at a total consideration of USD $32.5 million.

EOC notes the vessel will be ABS-classed and accommodate up to 70 men.

In the past few months, EOC Limited has been awarded nearly USD $170 million in charter contracts for two of its accommodation barges – the Lewek Conqueror and the Lewek Chancellor.