EOC to fund offshore projects

EOC Ltd. will trade its shares on Oslo Børs ASA with the objective of using an international share offering to fund the establishment of a niche market for medium to deepwater projects.

Offshore staff

SINGAPORE -- EOC Ltd. will trade its shares on Oslo Børs ASA with the objective of using an international share offering to fund the establishment of a niche market for medium to deepwater projects.

"We intend to carve a niche for ourselves in the growth market of medium to deepwater projects, and EOC's main board status will allow us to tap on a wider range of funding possibilities to finance our future growth plans and build investor confidence in our company," says K.K. Lim, EOC managing director.

Kim says EOC major shareholder Ezra Holdings Ltd. intends to place out up to 44.5 million of its EOC shares to international institutional and professional investors.

The share placement is expected to raise gross proceeds of NOK 979-1,068 million ($169-$185 million) for Ezra, which owns 97.6 million EOC shares representing an 88% stake in the company.

"The placement will facilitate EOC's upgrade to the Main Board and will enable the Group to raise its profile amongst investors as a high-growth company in the construction and FPSO segment of the offshore oil and gas industry," Lim says.

9/10/2007

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