Ezra Holdings has revealed plans to consolidate its offshore support services division, EMAS Marine, into its associated company, Olso Børs-listed EOC Limited.
Once complete, the enlarged EOC Group would be one of the largest offshore support operators in Asia Pacific by asset value, managing an offshore services platform comprising over US$1 billion in offshore support assets, says Exra.
EOC has 50 offshore vessels, with a combined bollard pull of almost 4000-ton, more than 37,000 dead weight tonne (dwt) and a total of almost 350,000 BHP, with capabilities to operate globally at ultra-deep water depths.
Read more: EOC adds new vessel to its fleet
“By bringing together EMAS Marine and EOC, Ezra has created an offshore solutions provider in the region that is ahead of its peers in terms of fleet capabilities,” says Lionel Lee, Ezra’s Group CEO and Managing Director.
“This move allows us to capitalize 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 offshore support vessels (OSVs) with large deck areas, accommodation capacity, bollard pull, and dynamic positioning capabilities among our clients.
“By combining our established platform of resources, talent and technical capabilities, together with EOC’s strategy to expand into the offshore accommodation space, we believe it is now time to unlock value and consolidate our business units.”
Lee Kian Soo, Ezra’s Group Founder, Non-Executive and Non-Independent Director, said: “This is a significant milestone for us. When we started in 1992, we were a simple ship operator. Seven years later, we obtained our first vessel. Today, I am pleased to present to the market this new platform which manages 50 vessels.”
The enlarged EOC fleet includes OSVs, accommodation, construction, and resource management.
Ezra said the move would also allow its management to focus on developing its fast-growing Subsea Services business, which has become the Group’s main revenue generator.
EOC is a;sp considering a potential secondary listing and quotation of all the shares of EOC on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST). It is also considering Ezra undertaking a secondary sale of shares of up to US$20 million in the Norwegian market, directed at EOC’s existing shareholders in the Norwegian Central Securities Depository.
The proposed secondary listing will allow EOC to leverage the EMAS branding in Asia for greater access to competitive sources of debt and equity and is expected to improve the overall trading liquidity in EOC shares, said Ezra.
Ezra will retain a majority shareholding in EOC.
Subscribe
