Shareholders Approve EOC’s Transformation into One of Asia Pacific’s Largest Offshore Support Provider
- All proposed resolutions passed, opening the way for consolidation of Ezra’s Offshore Support Services unit into EOC Limited
- Investors will gain exposure to one of Asia Pacific’s largest offshore services players
SINGAPORE--(BUSINESS WIRE)--Regulatory News:
A majority of shareholders of EOC Limited (“EOC” or “the Group”) has voted in favour of all resolutions as set out in the Notice of EGM dated 7 August 2014, at an Extraordinary General Meeting (EGM) held on 22 August 2014.
Of the shares represented at the EGM, approximately 67% voted via poll in favor of resolutions 1, 2, and 3, all of which concerned the proposed transaction with Ezra Holding Limited (“Ezra”). Approximately 84% voted via poll in favor of resolution 4, concerning the EOC performance share plan. On a poll, approximately 67% of shares represented voted in favour of resolution 5, the Whitewash Resolution. Majority owners Ezra Holdings Limited (“Ezra”) had abstained from voting on (i) resolutions 1, 2 and 3 in the interest of good corporate governance and (ii) resolution 5 pursuant to the conditions set out in the waiver granted by the Securities Industry Council of Singapore to Ezra.
As highlighted in the announcement released by the Company on 10 July 2014 and in the circular to shareholders dated 7 August 2014, upon completion of the Business Combination Agreement but prior to the Proposed Offering, Ezra will hold 330,844,316 shares in EOC, which constitutes approximately 84.6% of the enlarged share capital of EOC.
The results allow for EOC to be transformed into one of Asia Pacific’s largest offshore support services provider with Ezra’s Offshore Support Services unit being consolidated into the Group. The approval also paves the way for a proposed dividend payout of NOK1.12 per share subject to the fulfilment or waiver of the conditions precedent for completion of the Proposed Business Combination.
The consolidation lays the groundwork for the combination EOC’s accommodation and production businesses, and Ezra’s offshore support services division. In sum, it will create one of Asia's largest offshore support solutions providers with a market leading deep-water fleet.
“The combination of these two businesses will make EOC a much stronger company. Upon completion of these combination of these two businesses, investors will be able to invest in one of Asia Pacific’s largest offshore services players with a young and modern fleet of over US$1 billion in offshore support assets, with capabilities to operate globally from shallow to deep waters,” said Mr Lee Kian Soo, Chairman of EOC.
Three of the major banks in Singapore, namely DBS Bank Limited (DBS), Oversea-Chinese Banking Corporation Limited (OCBC) and United Overseas Bank Limited (UOB) have been engaged to assist the Company on the proposed dual listing on the Singapore Exchange. DBS will act as sole global coordinator. OCBC has been appointed as joint bookrunner and underwriter with DBS, and UOB as co-lead manager for the Singapore listing. DNB Bank ASA, Norway’s largest financial services group, has been appointed as financial adviser to EOC for the transaction.
More details on the proposed listing will follow. It is subject to, among other things, prevailing capital market conditions.
ABOUT THE COMPANY
Oslo Børs listing: October 2007
EOC Limited is a provider of offshore accommodation, construction and production vessels and services. The Group is headquartered in Singapore and operates across key markets in the Asia-Pacific region, such as Brunei, Indonesia, Malaysia, Vietnam and Thailand.
The Group operates accommodation and/or construction units and floating production, storage and offloading (“FPSO”) systems and its excellent operational and HSE (health, safety and environment) track record has allowed it to establish strong working relationships with leading international oil majors, national oil companies and various independent operators.
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.
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