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EOC Ltd Announces Deadline Extension for FPSO Sale and Acquisition of 50% in SJR Marine (L) Ltd


Friday, 28 Jun 2013 05:26am EDT 

EOC Ltd announced that the Company has entered into an agreement with Perisai Petroleum Technologi BHD (Perisai) in relation to the sale (the FPSO Sale) of 51% equity interest in the entities owning and operating the FPSO Perisai Kamelia (formerly known as Lewek Arunothai) to Perisai and for the acquisition (the E3 Acquisition) from Perisai of 50% of the equity interest in SJR Marine (L) Ltd (SJR Marine), the owner of the offshore construction barge, the Enterprise 3 (the FPSO Sale and the E3 Acquisition collectively, the Transaction). On March 28, 2013, the Company released a related announcement, in respect of amendments to the terms of the Transaction, including a reduction of the percentage of equity interest to be acquired by EOC in SJR Marine from 50% to 49%. The latter announcement also referred to the extension of the completion deadline of the FPSO Sale to June 30, 2013. EOC and Perisai have hereby agreed to further extend the completion deadline of the FPSO Sale to August 15, 2013. This is because certain conditions precedent to the FPSO Sale (such as the shareholders' approval of Perisai) were fulfilled less than a week prior to the completion deadline of June 30, 2013 and certain conditions for completion have also taken longer than first foreseen. Consequently, both parties have agreed that more time would be required to complete the Transaction. 

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