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Ezra to consolidate EMAS Marine into EOC

Ezra to consolidate EMAS Marine into EOC
A proposed consolidation of Ezra’s EMAS Marine into its associated company EOC Limited is set to create one of Asia Pacific’s largest offshore services players.

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, according to Ezra.

The fleet has a combined bollard pull of almost 4,000 tonnes, more than 37,000 dwt and a total of almost 350,000 bhp, with capabilities to operate globally at ultra-deep water depths.

“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 OSVs with large deck areas, accommodation capacity, bollard pull, and dynamic positioning capabilities among our clients,” said Lionel Lee, group ceo and managing director of Ezra.

The proposed consolidation saw Ezra and EOC agreed on a consideration of $520m, comprising $150m in cash and $370m by the issuance of approximately 280.1 million new shares of Oslo-listed EOC to Ezra based on the issue price of NOK8.18 per new share.

Meanwhile, EOC is considering a potential 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.

Upon completion of the consolidation exercise and secondary listing, Singapore-listed Ezra will retain a majority shareholding in EOC to capitalise on the prospects of the offshore support services business.