document.write(' \n \n \n \n \n \n <p class="release-date-detail"> \n  12/07/2010 \n </p> \n <h1>EOC SEES HIGHER VESSEL UTILISATION FROM THE 4TH QUARTER; REPORTS NET PROFIT OF US$13.5M IN 9M FY10</h1> \n <p class="introduction"></p><p> <br/>  · 9MFY10 revenue is 51% up yoy at US$81.5m while net cashflow from operating activities improves to US$47.2m <br/>  · Group plans to grow services income stream to lift returns in medium term <br/>  · Targets to extend geographic reach and provide offshore support to alternative energy sector <br/> <br/>  <br/> <br/>SINGAPORE, 12th July 2010                                                                                                                                        <br/> <br/>EOC Limited (EOC or the Group), a key provider of offshore oil and gas support services in Asia, achieved a net profit of US$13.5 million for the nine months ended 31 May 2010 (9MFY10) and expects vessel utilisation to pick up from the near term with new charters for two of its three construction vessels. In the previous corresponding 9-month period (9MFY09), EOC reported a net profit of US$16.1 million. <br/> <br/>  <br/> <br/>The Group experienced a challenging 3rd quarter (3QFY10) due to frictional deployment of Lewek Chancellor and Lewek Champion. Its Floating, Production, Storage and Offloading vessel (FPSO), Lewek Arunothai, also suspended production activities for maintenance and modification processes. The off-hire period of the barges and maintenance events of the FPSO led to a net loss of US$3.4 million for the Group in 3QFY10. <br/> <br/>  <br/> <br/>With expectations of a gradual rebound in the offshore oil and gas industry, the Group has seen a pick-up in the opportunities for offshore projects in the current 4th quarter (4QFY10), with the award of contracts to Lewek Chancellor and Lewek Champion. The two contracts previously announced are worth up to US$20 million. One of the contracts will see EOC\'s heavy lift, pipelay and construction vessel, Lewek Champion, providing structural lift, pipelay and subsea construction services. <br/> <br/>  <br/> <br/>Despite the extended transition period undertaken by Lewek Champion and Lewek Chancellor to their respective new charter contracts in 3QFY10, Group revenue rose 51% year-on-year (yoy) to US$81.5 million in 9MFY10. The expected healthy utilisation of all its assets in 4QFY10 will likely see an uplift in returns for the Group compared to 3QFY10. <br/> <br/>  <br/> <br/>Mr Lim Kwee Keong, EOC\'s Chief Executive Officer said: "With the latest contracts and the resumed operation of our FPSO, Lewek Arunothai, we are looking to better our performance in the fourth quarter." <br/> <br/>  <br/> <br/>"In fact, backed by the Group\'s good track record in safety, cost and schedule achievements in the operation of our accommodation barges, we expect significant interests from existing and new major independent and national oil companies for the current quarter (4QFY10) and into the next financial year." <br/> <br/>  <br/> <br/>The Group\'s other heavy lift accommodation crane barge, Lewek Conqueror, is contracted until 2014 under a 5-year charter worth up to US$68 million with extension options exercised. <br/> <br/>  <br/> <br/>Looking further ahead, EOC expects an improving demand for its construction assets due to the recent firming of oil prices, reinstatement of previously planned exploration and production capital expenditure, as well as definite maintenance requirements of offshore facilities. <br/> <br/>  <br/> <br/>For the production division, EOC sees strong demand for FPSOs in the medium to long term, with a significant pick-up in activity since the last quarter of 2009. The division recently clinched its largest contract to-date, worth up to US$1 billion (with all options exercised), for the provision of a FPSO in Vietnam, as part of a venture involving other industry players. The conversion of this second FPSO is on track and first production is scheduled for mid-2011. <br/> <br/>  <br/> <br/>Commenting on the Group\'s growth strategy, Mr Lim said: "We will continue to focus on building good earnings visibility with a growing recurrent income stream from long term contracts which can help fund both our future expansion plans and dividends to shareholders. This ready reserve of cash is even more critical today than ever as traditional sources of financing have been adversely affected by recent macroeconomic events. <br/> <br/>  <br/> <br/>"We are also working to diversify our income base by introducing standalone operation and maintenance services to lift returns in the medium term. We are busy exploring opportunities to extend our geographic reach and expand through the provision of offshore support services to the alternative energy market." <br/> <br/>  <br/> <br/>Keeping an eye on its working capital needs, EOC generated US$47.2 million in net cash flow from operating activities in 9MFY10, US$16.1 million higher than 9MFY09\'s US$31.0 million.</p><p class="contact-information"></p><p class="company-information">ABOUT THE COMPANY                                                                                               www.emasoffshore-cnp.com (http://www.emasoffshore-cnp.com) <br /> <br />Oslo BØrs listing: October 2007 <br /> <br />  <br /> <br /> EOC Limited offers offshore construction & floating production services and installation & commissioning work as well as transportation services that support the entire life cycle of offshore oil & gas production. <br /> <br />  <br /> <br />It manages two heavy-lift accommodation crane barges, the Lewek Conqueror and the Lewek Chancellor; a dynamically positioned heavy-lift accommodation pipelay vessel, the Lewek Champion; and a floating production, storage and offloading unit, the Lewek Arunothai. These vessels are utilised in various support activities that last through facility development, production, operations, maintenance and abandonment. <br /> <br />  <br /> <br />The firm operates in Australia, Brunei, India, Indonesia, Malaysia, the Middle East, the Philippines and Thailand, and is an associate company of Singapore Exchange-listed Ezra Holdings Limited, the largest owner/operator of an integrated range of offshore support vessels for charter across a broad spectrum of the oil & gas offshore support services supply chain. <br /> <br />  <br /> <br />  <br /> <br />FOR FURTHER ENQUIRIES <br /> <br />  <br /> <br />Mr. Chan Eng Yew <br /> <br />EOC Limited <br /> <br />65 9792 8616 <br /> <br />engyew.chan@emasoffshore-cnp.com <br /> <br />  <br /> <br />  <br /> <br />Mr. Quek Hong Soon <br /> <br />Oaktree Advisers <br /> <br />65 9048 5298 <br /> <br />hongsoon@oaktreeadvisers.com <br /> <br />  <br /> <br />  <br /> <br />Ms. Carol Chong <br /> <br />Oaktree Advisers <br /> <br />65 9475 3167 <br /> <br />carolchong@oaktreeadvisers.com <br /> <br />Other media releases on the company can be accessed at www.oaktreeadvisers.com</p> \n \n<hr class="horizontal-ruler" /> \n \n<p>This information was brought to you by Cision <a href="http://newsroom.cision.com" target="_blank">http://newsroom.cision.com</a></p> \n \n  <p>The following files are available for download:</p> \n  <ul class="alternative-document"> \n  \n   \n    <li> \n     <a href="http://feed.ne.cision.com/client/eoclimited//Commands/File.aspx?id=1166063"> \n      <img src="http://feed.ne.cision.com/client/_images/texthtml.gif" border="0" alt="Press release in html format" title="Press release in html format" /><br /> \n      Press release in html format \n     </a> \n    </li> \n   \n  \n   \n    <li> \n     <a href="http://feed.ne.cision.com/client/eoclimited//Commands/File.aspx?id=1166064"> \n      <img src="http://feed.ne.cision.com/client/_images/applicationpdf.gif" border="0" alt="" title="" /><br /> \n       \n     </a> \n    </li> \n   \n  \n  </ul> \n  \n \n \n  <ul class="alternative-images"> \n  \n  </ul> \n ');