EMAS Offshore Launches Singapore Listing

By Michelle Howard September 29, 2014

EMAS Offshore boosts profile amongst international investment community by providing Asian platform for growth; Singapore public offer opens at 6.00 p.m. today and closes at 12.00 noon on 2 Oct 2014.

EMAS Offshore Limited (“EMAS Offshore”, or the “Group”), formerly known as EOC Limited (“EOC”), is pleased to announce the launch of its public offering of shares following the registration of its prospectus (the “Prospectus”) with the Monetary Authority of Singapore (“MAS”), in conjunction with the proposed listing on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”). The Group is offering 48,585,000 shares priced at S$1.21 per share.

“We are pleased to have come to this stage where we will be the first company to dual-list in Norway and Singapore to raise funds. I am excited by the prospect of EMAS Offshore and am looking forward to working with Mr Jon Dunstan and his team to repay our investors’ support and confidence,” said Mr Lee Kian Soo, EMAS Offshore’s Executive Chairman.

“This listing in Singapore is a key milestone for the Company. The integration of EMAS Marine’s strong ship management and operations track record with EOC’s floating and fixed platform services and engineering capabilities has created an enlarged platform which will position EMAS Offshore as one of the world’s leading offshore support services provider, with a fleet among the industry’s youngest and strongest. This will give EMAS Offshore the scale to further its expansion plans into growth markets of West Africa, East Africa and MENA” said Mr Jon Dunstan, EMAS Offshore’s Chief Executive Officer.

Three of the major banks in Singapore, namely DBS Bank Limited (“DBS”), Oversea-Chinese Banking Corporation Limited (“OCBC”) and United Overseas Bank Limited (“UOB”) are engaged to assist the Company on the proposed dual listing on SGX-ST. It is led and underwritten by DBS. OCBC has been appointed as joint bookrunner and underwriter with DBS, and UOB as co-lead manager for the listing.

Competitive Strengths

One of the youngest and largest deepwater OSV fleets based in the heart of the Asia Pacific with strong capabilities to operate in deep waters globally
Global reach with blue-chip international client base
Strong parentage: Part of the Ezra Group, a leading integrated offshore solutions group
First-mover advantages in high-growth and cabotage-protected markets
Well-positioned to capture market opportunities across business segments
Highly-experienced and committed management team with proven track record, with an average of over 30 years of experience in the offshore oil and gas industry
Dedication to quality and reliability

Strategy

Leverage leading market position in Southeast Asia to further strategic expansion in growth markets of West Africa, East Africa and MENA
Maintain strong execution capabilities through people excellence and operational reliability
Achieve fleet optimisation through maintaining one of the youngest OSV fleets with the most up-to-date technologies to ride on growing demand for deep water operations and offshore accommodation
Leverage synergies with the Ezra Group to penetrate into new markets

The Public Offering
The offering of 48.6 million shares (subject to the over-allotment option) represents approximately 11% of EMAS Offshore’s enlarged post-offering share capital of 439.7 million shares. The invitation timeline is as follows:

Event Date/ Time (Singapore Time)
Open of public offer: 29 Sep 2014, 6.00 p.m.
Close of public offer: 2 Oct 2014, 12.00 p.m.
Commence trading on a “ready” basis: 8 Oct 2014, 9.00 a.m.