Ezra to combine EMAS Marine and EOC to form giant offshore player

Ezra to combine EMAS Marine and EOC to form giant offshore player
Singapore: Ezra Holdings Limited has announced that it will consolidate its offshore support services division, by selling off EMAS Marine into its Oslo listed associated company, EOC Limited, and creating one of the largest offshore support operators in Asia.
The combined entities will manage an offshore services platform comprising over $1b in assets, with a fleet of 50 vessels boasting a combined bollard pull of almost 4,000 tons.
“By bringing together EMAS Marine and EOC, Ezra has created an offshore solutions provider in the region that is ahead of its peers in terms of fleet capabilities,” said Lionel Lee, Ezra’s group ceo and managing director.
“By combining our established platform of resources, talent and technical capabilities, together with EOC’s strategy to expand into the offshore accommodation space, we believe it is now time to unlock value and consolidate our business units,” Lee continued.
The new enlarged EOC Group will have an independent management team, allowing Ezra’s management to focus on developing its subsea services business, which is now the main revenue generator for Ezra Group. 
Ezra and EOC have agreed on a consideration of $520m, $150m in cash and $370m by the issuance of approximately 280.1 million new EOC shares to Ezra. EOC is also considering a potential secondary listing on the Singapore Exchange.
Ezra says it will retain a majority shareholding in EOC in order to capitalise on the prospects of the new enlarged offshore support business. [10/07/14]