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EOC reports net attributable profit of US$0.7M in 1QfY13

Friday, Jan 11, 2013

EOC Limited (EOC or the Group), one of Asia’s leading providers of offshore production services to the oil and gas (O&G) sector, reported a net attributable profit of US$0.7 million for the first quarter ended 30 November 2012 (1QFY13).

During the quarter, the Group’s sales was driven by the high utilisation of its construction fleet, which reported a steady revenue of US$10.5 million from long term bareboat charters. Currently, Lewek Chancellor and Lewek Conqueror, the Group’s accommodation work barges, are secured on relatively long-term charter contracts, while Lewek Champion, EOC’s flagship pipelay and heavy-lift construction vessel, is on a long-term bareboat charter until early 2015.

In 1QFY13, the Group’s second floating production storage and offloading (FPSO) vessel, Lewek EMAS, in which EOC holds a 41.7% stake through PV Keez Pte Ltd, added to Group earnings. EOC expects its first FPSO, the Lewek Arunothai, to commence its new contract from Hess Exploration and Production Malaysia B.V. (Hess E&P) in second-half 2013.

EOC’s Acting Chief Executive Officer, Mr Jonathan Dunstan, said: “With the successful conclusion of contract negotiations with Hess E&P for the redeployment of Lewek Arunothai in Malaysia, the Group is confident that it is back on firmer ground.

Source: Business Wire

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