EOC Achieves Milestone With Scheduled Delivery Of 1st FPSO To Charter Client

abarrelfullabarrelfull wrote on 27 Dec 2012 15:14

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24th June 2008

EOC Limited ("EOC" or "the Group"), one of Asia's leading specialist operators of offshore construction & floating production vessels, today announced the scheduled delivery of its first Floating, Production, Storage and Offloading ("FPSO") vessel which is already contracted to a South East Asian oil company in a contract worth up to US$400 million- its largest to-date in value terms.

The contract for the Lewek Arunothai will run for three years and comes with a two-year extension option. The vessel will receive, process, export gas and store condensate from one of the largest natural gas fields in the Gulf of Thailand.

Said EOC's CEO Mr Lim Kwee Keong: "We have fulfilled the contractual requirement and successfully delivered Lewek Arunothai on time to our client. This is an important achievement for us as it demonstrates EOC as a reliable and capable provider of FPSOs. We expect the charter of our first FPSO to contribute positively to Group earnings from FY09."

The 127,540 deadweight tonne Lewek Arunothai, an Aframax tanker converted in Singapore, can export approximately 175 million standard cubic feet of natural gas daily, ranking it amongst the largest gas FPSOs operating in the world.

On prospects, Mr Lim commented: "More field developments are taking off due to the high oil prices. We are optimistic of winning more FPSO and offshore construction contracts as we have seen an increase in enquiries from these operators over the last 12 months. EOC has the advantage of being able to provide more cost competitive inhouse engineering, construction and marine logistics services for our projects, resulting in better control and risk mitigation for our clients during execution. "

EOC has built up an enviable track record of successfully completing offshore construction projects that demand a high level of technical and project management capability. The Group has lifted its earnings and in April, reported a 318% leap in net profit to US$12.4 million for the half-year ended 29 February 2008 while its turnover rose nine-fold to US$56.8 million, thanks largely to the addition of accommodation support vessel, the Lewek Chancellor and the DP heavylift accommodation pipelay barge, Lewek Champion, to the fleet.

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