12/07/2012


· EOC's Lewek Chancellor secures a second extension on term contract in West Africa
· Healthy revenue of US$111.5 million with significant contributions from construction fleet
· Remains positive over medium term prospects in the E&P segment

EOC Limited (EOC or the Group), one of Asia's leading providers of offshore construction and production services to the oil and gas (O&G) sector, has reported a high utilisation of its construction fleet which will provide enhanced earnings visibility for the Group. The Group also managed an improvement in net operating cashflow of US$43.0 million for this quarter compared to US$27.1 million in the previous quarter.

Overall, the Group achieved a healthy revenue of US$111.5 million for 9MFY12, with its construction arm contributing a robust US$89.2 million to sales.

One of EOC's construction and accommodation barges, Lewek Chancellor, has recently secured another extension on the current term contract, which is longer than the previous extension period exercised by the client. The vessel is expected to remain deployed in West Africa till October 2013 instead of June next year. The contract, first inked with a French oil major as the end-user in June 2011, is now worth US$24.5 million on the revised extension terms, compared to the original value of US$20 million.

Mr Lim Kwee Keong, the Group's Chief Executive Officer, said: "It has been our strategy to grow our recurrent income base by focusing on longer-term leasing deals. To-date, 80% of our fleet of construction and production vessels is on relatively long term charter.

We remain confident of the opportunities and prospects for EOC's offshore construction and production services, as oil prices are likely to remain above Oil Companies' average planning price over the medium term."

The Group is currently in discussion to deploy its first floating production, storage and offloading vessel, Lewek Arunothai, on a potential charter in South East Asia. If the negotiations are successful, the vessel is expected to undergo modifications to her existing configuration before commencing production for the prospective client.

ABOUT THE COMPANY
www.emasoffshore-cnp.com

Oslo Børs listing: October 2007

EOC Limited offers offshore floating production services that support the full life cycle of offshore oil and gas (O&G) production. It owns and operates two floating production, storage and offloading (FPSO) vessels, the Lewek Arunothai and the Lewek EMAS, and a fleet of construction vessels. The Group has conducted operations in Australia, Brunei, India, Indonesia, Malaysia, the Middle East, the Philippines, Vietnam and Thailand, and continues to do so currently.

EOC's successful operational and HSE (health, safety and environment) track records have enabled the Group to establish strong working relationships with leading international oil majors, national oil companies and various independent operators. In addition, these ties have brought in a steady stream of repeat business and recurring income.

The Group is an associate company of Singapore Exchange-listed Ezra Holdings Limited, a leading global offshore contractor and provider of integrated offshore solutions to the O&G industry.

FOR FURTHER ENQUIRIES

Mr. Chan Eng Yew
EOC Limited
65 9792 8616
engyew.chan@emasoffshore-cnp.com

Ms. Carol Chong
Oaktree Advisers
65 9475 3167
carolchong@oaktreeadvisers.com

Ms. Nora Cheng
Oaktree Advisers
65 9634 7450
noracheng@oaktreeadvisers.com

Other media releases on the company can be accessed at www.oaktreeadvisers.com

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