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EMAS Offshore starts trading on Singapore Exchange

EMAS Offshore starts trading on Singapore Exchange
EMAS Offshore, owner and operator of FPSO and offshore construction services contractor, has commenced trading on the Singapore Exchange (SGX) on Wednesday.

EMAS Offshore, formerly known as EOC Limited and an associated company of Singapore-listed Ezra Holdings, is already listed on the Oslo bourse since October 2007.

Lee Kian Soo, chairman of EMAS Offshore, said at the listing ceremony: “EMAS Offshore now has 40 multi-functional assets across the globe. The fleet has a combined bollard pull of almost 4,000 tonnes, more than 37,000 dwt in capacity and a total of almost 35,000 bhp with capabilities to operate globally in ultra deepwater depths.”

Lee added that the company is looking to operate the “next generation of AHTS vessels”, which will be powered by diesel-electric to consume less fuel and improve cost efficiency for its clients.

The Singapore listing followed the completion of the consolidation of EMAS Offshore’s related firm EMAS Marine into the group. EMAS Marine is Ezra’s offshore support services division.

“The consolidation of EOC Limited with Ezra’s offshore support services division to form EMAS Offshore can be seen as the joining of core capabilities. It transforms us into one of Asia-Pacific’s largest offshore services players well poised for sustainable growth,” Lee said.

EMAS Offshore released a total of 48,585,000 shares and they were all fully subscribed.

The newly-listed company’s shares were trading at SGD1.035 at 10:50 am local time on Wednesday.