Offshore staff

SINGAPORE -- Ezra Holdings Ltd. expects gross proceeds of $177 million from its divestment of 43.4 million existing shares of subsidiary EOC Ltd.

The sale was through a private placement and retail offering to 960 shareholders, fulfilling the criteria for EOC quotation on the main list of Oslo Børs ASA.

With the sale, Ezra now owns 54.2 million EOC shares representing a 48.9% stake in the offshore production and construction support services provider.

EOC is the first Singaporean managed and incorporated company to be listed on the Oslo BØrs.

"EOC's Mainboard listing will enhance its corporate profile in the international offshore production and construction sector and will enable it to accelerate its own expansion to meet the upswing in demand. Ezra is now well placed to tap all the key offshore oil and gas markets in Asia, the North Sea, South America, and West Africa," says Lionel Lee, Ezra managing director.

10/5/2007