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EOC Ltd Sells 51% of Equity Interest in Entities Owning and Operating FPSO to Perisai Petroleum Teknologi BHD; Purchases 50% of Equity Interest in SJR Marine (L) LTD

Friday, 30 Nov 2012 05:41am EST 

EOC Ltd (EOC) announced that on November 30, 2012, it has entered into a share sale and purchase agreement (SPA) with Perisai Petroleum Teknologi BHD (Perisai) for the sale of 51% of the equity interest in the entities owning and operating the FPSO and the purchase of 50% of the equity interest in SJR Marine (L) LTD. The FPSO is currently held 100% by Lewek Emerald Shipping Pte. Ltd (Lewek Emerald), a wholly owned subsidiary of EOC. In connection with the transaction, the FPSO will be transferred to a recently incorporated company wholly owned by EOC, Emas Victoria (L) BHD (EVLB), after which the issued and paid-up share capital of EVLB will be increased to USD 175,000,000. EVLB will be the owner of the FPSO and Victoria Production Services SDN BHD (VPSSB), another wholly owned subsidiary of EOC, will be the company operating the FPSO. EOC is disposing of 51% of its equity interest in each of EVLB and VPSSB to Perisai (EOC Sale Shares). The purchase consideration for the EOC Sale Shares is the aggregate of: USD 89,250,000 for 51% of the equity interest in EVLB, and Ringgit Malaysia (RM) 51 for 51% of the equity interest in VPSSB. The purchase consideration for 50% of the equity interest in SJR Marine (Perisai Sale Shares) is USD 37,000,000. Pursuant to the terms of the SPA, the purchase price for the EOC Sale Shares shall be partially satisfied by way of RM 51 in cash and issuance of 144,661,250 new ordinary shares in Perisai to EOC or its nominees. 

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