Ezra Holdings Ltd : Ezra's EOC Achieves First Oil In Vietnam With Lewek EMAS

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Ezra?s EOC achieves First Oil in Vietnam with

Lewek EMAS

?EOC?s latest and largest FPSO commences on US$1b charter to Premier

?Positive contributions to EOC?s earnings from 1Q FY2012

?Ezra?s integrated solutions on display for the Chim Sao Project

Ezra Holdings Limited (Ezra or the Group, ?? ? ?? ), a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry has announced that Lewek EMAS, the floating production, storage and offloading (?FPSO?) vessel for Vietnam?s high-profile Chim Sao oil project, has successfully achieved first oil on 10 October 2011.

The vessel is the latest and largest FPSO vessel co-owned by EOC, the 46.5% owned associate company and production division (EMAS Production) of the Group. This

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milestone marks the commencement of the vessel?s US$1 billion charter contract with Premier Oil Vietnam Offshore B.V. (?Premier?). EOC expects revenue from this contract to contribute positively to its stream of recurrent earnings from 1Q FY2012.

The contract, which was one of a handful of FPSO contracts awarded globally in 2009, comprises of a primary term of six years, with six renewable one-year extension options. Ezra, EOC, KSI Production Pte Ltd and PetroVietnam Transportation Corporation previously formed a joint venture company, PV Keez Pte. Ltd., (?PV Keez?) to serve as the main operating company to supply Lewek EMAS and related services in connection with the contract.

Mr Lionel Lee ( ???), Ezra?s Managing Director, said: ?Working with Premier is a proud moment for the Ezra Group as we had the opportunity to involve our key divisions to support the Chim Sao project. The Group was able to provide an integrated solution from the provision of the FPSO through EMAS Production and the fabrication of modules at TRIYARDS in Vietnam, to the installation and commissioning of the vessel. This demonstrates how Ezra aims to serve clients globally across the entire life-of-field.?

Lewek EMAS, which underwent conversion in Singapore?s Keppel Shipyard from a

168,000 deadweight tonne Suezmax oil tanker, has a storage capacity of about 660,000 barrels of oil and can produce up to 50,000 barrels of oil per day. EOC has a 41.7% interest in Lewek EMAS while Ezra has an interest in the vessel through its holdings of

36.7% in the share capital and 28,000,000 redeemable cumulative preference shares in PV

Keez. The day-to-day operations and maintenance, during the contract period, is being undertaken by PVTrans EMAS Company Limited (a newly-incorporated Vietnamese Joint

Venture company owned by PetroVietnam Transportation Corporation and EOC).

ABOUT THE GROUP www.ezraholdings.com

EMAS ? a leading global offshore contractor providing construction, marine, production and well intervention services ? is the operating brand for Ezra Holdings Limited (?????). Adept in
delivering best-value solutions, EMAS has entrenched itself as a powerful adjunct in the oil and gas (O&G) industry by combining its customised approach with a diverse offering of assets and services designed to fully meet clients? needs. It operates globally with offices in 16 locations across five continents spanning Africa, the Americas, the Asia-Pacific and Europe.
Having completed the acquisition of Aker Marine Contractors AS in 2011, the Group has added one of the world?s leading SURF (subsea umbilicals, risers & flowlines) and floater installation

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providers to its fold. Ezra, through EMAS, operates four main business segments that together have the ability to execute a full spectrum of seabed-to-surface engineering, construction, marine and production services throughout the world.
Amplifying the broad assets and services offered by EMAS, the technical strength and service record at EMAS AMC will allow the Group to provide comprehensive offshore seabed-to-surface construction services to the O&G industry globally. The service offerings include subsea construction, IMR (inspection, maintenance & repair), floater and FPSO (floating, production, storage & offloading) installation, SURF installation, pipelay & heavylift, floatover installation and decommissioning.
EMAS Energy provides well intervention and drilling services both onshore and offshore, offering fully integrated solutions that combine its marine assets with cutting-edge intervention equipment and services. The range includes workover, drilling, fluid pumping, nitrogen and pipeline & process services.
EMAS Marine manages and operates a young and diverse fleet of anchor handling, towing & supply vessels, anchor handling tugs, platform supply vessels and fast crew utility boats. These vessels support the O&G industry in a wide range of offshore operations throughout the oilfield life cycle.
EMAS Production, under approximately 46.5%-owned EOC Limited, owns and operates FPSO facilities, offering services such as FPSO conversion management and the operation & maintenance of production facilities. It has the capability and track record to design and provide FPSO/FSO mooring & riser systems and turrets, and fluid transfer systems.
In addition, the Group offers fabrication, engineering, logistics and support services out of
Norway, US and Vietnam.

MR TAY CHIN KWANG EMAS

+65 9877 8881 chinkwang@emas.com

MS NORA CHENG OAKTREE ADVISERS

+65 9634 7450 noracheng@oaktreeadvisers.com

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MR ALEX TAN EMAS

+65 9841 0392 alex.tan@emas.com

MR MATTHEW LAW PELHAM BELL POTTINGER ASIA

+65 6333 3449 mlaw@pbp.asia