Singapore: EOC Ltd., an 88 percent-owned subsidiary of Singapore-based Ezra Holdings Ltd., an integrated offshore support and marine services provider for oil and gas operators in Southeast Asia has been given the green light to list on the main board of the Oslo Stock Exchange.
The admission of EOC to Oslo's mainboard is subject to several conditions. Among the conditions is a stipulation stating that 25 percent of EOC's shares admitted to the listing must be held by the general public.
EOC now manages two heavy lift accommodation crane barges and recently took delivery of Lewek Champion, a pipelay and accommodation vessel. Parent company, Ezra manages 25 vessels, including 14 anchor handling tug supply (AHTS) vessels, four anchor handling and towing vessels, three crew boats, two heavy lift accommodation barges, one heavy lift accommodation pipelay vessel and a deck cargo barge. Ezra expects the delivery of 10 more vessels by 2009. The holding company also owns stakes in jackup rigs and an 18.2 percent stake in Singapore-listed Ezion Holdings Ltd., formerly Nylect Technology Ltd.
Ezra's Managing Director Lionel Lee said the listing will unlock Ezra's value and enable EOC to accelerate its expansion plan. "EOC's European listing enhances our overall position in the North Sea, South America and West Africa markets," he said.
Lee also said Ezra will be reducing its stake in EOC to below 50 percent in line with its "asset-light" strategy. Ezra will explore various options for this exercise including paying dividends in specie to the company's shareholders and the issue of new shares. [10/09/07]