Ezra, an integrated offshore services firm, announced that about 98.5% of shareholders voted in favour of the consolidation plan at an extraordinary general meeting on Tuesday.
The proposed consolidation of EMAS Marine into EOC is set to create one of Asia Pacific’s largest offshore services players, according to Ezra. The enlarged EOC Group will manage an offshore services platform comprising over $1bn in offshore support assets, and its diverse and versatile fleet of 50 offshore vessels is among the youngest in Asia Pacific.
Oslo-listed EOC is also planning a secondary listing on the Singapore Exchange, a move that may allow EOC to leverage the EMAS branding in Asia for greater access to competitive sources of debt and equity, as well as to improve the overall trading liquidity in EOC shares.
“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-deepwater depths,” said Lionel Lee, group ceo and managing director of Ezra.
Three banks, DBS Bank, OCBC and UOB, have been engaged to assist the company on the proposed dual listing on the Singapore Exchange. It is led and underwritten by DBS, and UOB as co-lead manager.
The secondary listing of EOC in Singapore will place the company as the first to dual-list in Norway and Singapore for capital raising.
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