SINGAPORE (Yosefardi) – EOC Limited, a provider of offshore accommodation, construction and production vessels and services to the oil and gas (O&G) sector, reported a net attributable profit (PATMI) of US$3.9 million for the third quarter ended 31 May 2014 (3Q FY14), compared with US$2.9 million in the previous corresponding quarter.
Group revenue came down slightly to US$10.8 million during the quarter as the Lewek Chancellor transitioned to a new two-year charter (with an option for an additional year) in Africa. Both of the Group’s accommodation vessels were fully deployed as at May 2014, with the Lewek Conqueror having secured a five-year project in Southeast Asia earlier.
EOC’s two floating production, storage and offloading (FPSO) vessels operated at almost 100% uptime during the last financial quarter.
The Group expects activity levels in the offshore O&G sector to be well supported and to see robust demand for accommodation and support services, in view of increased mid to deepwater operations and ageing production infrastructure in Asia.
The Group is headquartered in Singapore and operates across key markets of exploration and production activities in the Asia-Pacific region, such as Brunei, Indonesia, Malaysia, Vietnam and Thailand.