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EOC Limited - Secondary Listing on SGX-ST & Termsheet

Shared By Unknown on Monday, September 15, 2014 | 15.9.14

Description of Company

1. Business Overview 
a) Headquartered in Singapore, EOC is an established offshore oil and gas services provider who offers offshore support, accommodation and offshore production services to customers in the offshore oil and gas industry throughout the oilfield lifecycle, spanning the exploration, development, production and decommissioning stages

b) Upon the completion of the business combination with the Offshore Support Services division of Ezra Limited, EOC will be transformed into a leading offshore services provider with one of the youngest and largest fleets of deepwater offshore support vessels in Asia Pacific. The Business Combination has been approved by shareholders of both EOC and Ezra .

2. Fleet & Global Presence
a) EOC will operate a diverse and sizable combined fleet of 51 vessels comprising AHTs, AHTSs, PSVs, OAVs, barges, a heavy lift pipelay construction vessel, and FPSOs. EOC also has on order and scheduled for delivery in 2016 two 239-men DP3 OAVs (equipped to install 150-tonne SWL cranes), with an option to purchase two more similar vessels

b) Worldwide operational footprint stretching from Brazil to Australia and significant experience in operating across key regions of exploration and production in Asia, including Brunei, India, Indonesia, Malaysia, the Philippines, Vietnam and Thailand

c) Possessing a diverse and global customer base, which includes IOCs and NOCs

3. Operations
a) Services provided by EOC in 2 distinct business segments:

- Offshore Support and Accommodation Services division

- Offshore Production Services division

4. Experienced Team
a) Led by Executive Chairman Mr. Lee Kian Soo who is one of the founders of the Ezra Group, and has been responsible for the strategic planning, business development and marketing since Ezra’s inception in 1992. EOC will have a highly experienced and committed management team with a proven track record

Issuer :
EOC LIMITED (“EOC”) (Note: To be renamed EMAS Offshore Limited upon the approval of shareholders at an extraordinary general meeting to be held on 15 September 2014)
Listing :
Primary Listing on the Oslo Bors and Secondary Listing on Mainboard of SGX-ST. SGX-ST has granted approval for the Secondary Listing
Sole Global Coordinator and Issue Manager :
DBS Bank
Joint Bookrunners and Underwriters:
DBS Bank & OCBC Bank
Core-Manager and Sub-underwriter :
UOB Bank
Preliminary Prospectus:
Indicative Price Range :
S$1.02 - S$1.21 per share
Valuation (Based on the Average JBRS' Analysts' consensus of earnings) :
7.2x – 8.5x (based on PER FY2015)
 Global Offering size: 
Up to 210,000,000 new ordinary Shares, comprising placement, reserved and public tranches, and over-allotment option
Greenshoe Options:
Up to 20% of the base offering size
Gross Proceeds (Base Offerings) :
US$156 – 184mm (SG$194 - 230mm)
Gross Proceeds (Including Over-Allotment Shares):
US$172 – 204mm (SG$214 – 254mm)
Market Capitalisation (Based on offering price range) :
- Approx S$595mm – S$704mm (based on post IPO EOC’s share capital of 581mm shares, excluding over-allotment shares)
 Lock-Up : 
Voluntary 180-day lock-up for the Ezra Group
 Use of Proceeds : 
-Finance the cash portion of the consideration for the acquisition of the Offshore Support Services division of Ezra

-Finance fleet expansion through newbuilds and acquisitions

-Finance working capital requirements
 Indicative Timeline :
03 September, Wednesday – 15 September, Monday
 Books Open: 
03 September, Wednesday
 Books Close: 
16 September, Tuesday (5PM in each region) or subject to notification by the JBRs
 MAS Registration: 
17 September, Wednesday
 Singapore Public Offer: 
18 September, Thursday – 23 September, Tuesday
 Expected Listing: 
26 September, Friday
 Indication of Demand :
· Split orders are allowed

· Demand to be reflected in SGD, USD or in number of shares ONLY
 Selling Restrictions :
Regulation S Offering

Source : OCBC Research

Posted on Monday, September 15, 2014 | 15.9.14
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