FPSO'S

[10 bagger]

EOC Limited EOC.ol...

15 Hoe Chiang Road #15-01 Tower Fifteen Singapore 089316
Tel: [phone] (Main) Fax: [phone]
(Co. Reg. No. 200702224N)

Press Release...

1QFY08 Net Profit Swells Almost 10-Fold; Declares US$0.0204/share Maiden Dividend...

Revenue surges 12x as two new vessels boost charter income..

Decisive fleet expansion and move into new regional markets will propel future performance..



Singapore, 11 January 2008 – EOC Limited,,, the Group one of Asia's largest and most dynamic specialist operators of offshore construction & production vessels, has announced a spectacular leap in net profit.

For the three months ended 30 November 2007 (1QFY08), net profit surged 976.2% to US$8.2 million as revenue ballooned 12x to US$27.2 million. 1QFY08 EPS grew from US$0.013 to US$0.0742, the latter on an enlarged weighted average share capital of approximately 110.96 million shares.

Said EOC‟s CEO Lim Kwee Keong about the glowing results: “Our timely fleet expansion has enabled us to ride high on the buoyant offshore oil & gas sector. We are happy to reward our shareholders with a dividend of USD0.0204 per share – the first since EOC‟s successful Oslo BØrs-listing last October.”

What pitched revenues to new highs was the maiden 1Q contribution in charter income from two vessels: heavy lift accommodation crane barge Lewek Chancellor and heavy lift accommodation pipelay vessel Lewek Champion, which came onstream in March and August 2007, respectively. Another revenue booster came from new construction services contracts worth USD2.8 million. The overall gross margin remained impressive, at 52.4%, despite the slightly lower margins earned on these construction services contracts and new third-party chartering contracts

During the quarter, EOC successfully diversified its customer base beyond Southeast Asia, bringing Australia and the Middle East into its fold as well. Customers outside Southeast Asia accounted for 78% of the Group‟s revenue. On the company‟s future growth, Mr Lim added: “Insatiable demand for energy will continue to underpin high oil and gas prices and, therefore, demand for offshore construction and floating production services. Enquiries for charters and offshore construction services are high, our existing fleet is optimally employed and we have on schedule the delivery of a floating production storage and offloading vessel (FPSO) in 4Q FY08.”

EOC, whose maiden dividend will be paid on 11 January, became the first Singapore-managed and Singapore-incorporated company to successfully list on the Oslo BØrs. EOC and parent SGX-listed Ezra Holdings, which holds a 48.9% stake in the firm, provide value-added offshore support services throughout the life cycle of oil and gas production, from exploration support, through facility development, production, operations, maintenance and abandonment.

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About EOC Limited EOC Limited offers offshore construction and floating production services, installation and commissioning work, as well as transportation services which support the entire life cycle of the offshore oil & gas production phase.

It manages heavy lift two accommodation crane barges, Lewek Conqueror and Lewek Chancellor; a heavy lift accommodation pipelay vessel, Lewek Champion; and Lewek FPSO 1 (delivery in FY08). These vessels are utilised in various support activities which last through facility development, production, operations, maintenance and abandonment.

The firm operates in the Middle East, Australia, Thailand and the Philippines, and is the Construction & Production arm 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.

EOC, 48.9%-owned by Ezra, was listed on the OTC of Norway on 23 April 2007 and promoted to the Oslo BØrs on 3 October 2007.