EOC Secures Award From Hess For Its FPSO Lewek Arunothai

abarrelfullabarrelfull wrote on 27 Dec 2012 15:05
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14/11/2012

EOC Limited ('EOC' or 'the Group'), one of Asia's leading providers of offshore production services to the oil and gas ('O&G') sector, has secured a Letter Of Award ('LOA') from Hess Exploration and Production Malaysia B.V. ('Hess E&P Malaysia') via its Malaysian agent Larizz Petroleum Services Sdn Bhd, for the charter of the Group's floating production, storage and offloading ('FPSO') vessel, the Lewek Arunothai.

The Group's latest client, Hess E&P Malaysia, is part of a global energy group that is engaged in oil & gas exploration and production as well as refining and marketing of refined petroleum products, natural gas and electricity.

This LOA is for a three-year charter with extension options of up to three years will require Lewek Arunothai to be redeployed as part of a fast-track gas production project in the North Malay Basin, Malaysia. The FPSO will be used to support early production activities and is targeted to be on station from mid-2013.

EOC's Chief Operating Officer, Mr Jon Dunstan, said: "This project bears out our continual efforts to improve our earnings visibility, expand into new markets and increase our client portfolio. The Lewek Arunothai provides an excellent solution for the requirements of the field in terms of technical specifications as well as proven operational and safety track record as an existing gas FPSO."

The Lewek Arunothai is expected to undergo refurbishment works in Singapore to further enhance the vessel's operational capabilities. Part of the upgrade includes the addition of an external turret mooring system which is being designed and fabricated in part by London Marine Consultants ('LMC') and fabricated by the TRIYARDS Group, both affiliate companies.

Separately, EOC has just commenced discussions with Perisai Petroleum Teknologi Bhd ('Perisai') on the possible acquisition of a stake by Perisai in the project entities which have been incorporated to own and operate the FPSO. Perisai Petroleum Teknologi Bhd also owns 40% of Larizz Petroleum Services Sdn Bhd.

The Lewek Arunothai was delivered as the Group's inaugural FPSO vessel in 2008 and concluded its original contract with Thailand's national oil group, PTT Exploration and Production Public Company Limited ('PTTEP'), in November 2011.


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