EOC Limited (EOC or the Group), one of Asia’s leading providers of offshore production services to the oil & gas (O&G) sector, is eyeing a longer term contract for the Lewek Arunothai which will improve the visibility of its recurrent income stream as well as grow the Group’s client base.
The specific opportunity, which is undergoing bidding and if awarded, will likely run for a period of between three to five years and will utilize the Lewek Arunothai, EOC’s gas FPSO (floating, production, storage and offloading vessel), in Asia for an international integrated global energy company.
The Lewek Arunothai is currently employed in the Gulf of Thailand under a contract awarded in 2006 by Thailand’s national oil company, PTT Exploration and Production Public Company Limited, which will conclude by end-November 2011. The timing of the end of her current charter, which has been executed with industry leading operational and safety performance, places her as a strong candidate for the new deployment opportunity which requires an FPSO to be available with a relatively short lead-time.
Mr Lim Kwee Keong, EOC’s Chief Executive Officer , said: “We are always on the lookout to improve the earnings visibility of the Group and grow our recurrent income base. This potential contract will enable us to strengthen our presence in South East Asia, an exciting market for our FPSO, in particular high growth areas revolving around offshore gas opportunities and the possibility of working with a new client.”
The Group’s latest and largest FPSO, the Lewek EMAS, is currently employed in Vietnam’s Chim Sao field on a contract with a base term of six years and six renewable one-year extension options.
[mappress] Offshore Energy Today Staff , November 29, 2011; Image: EOC