Vietnam: FPSO Lewek EMAS Achieves First Oil in Chim Sao Field

The Lewek EMAS, the latest and largest floating production, storage and offloading (“FPSO”) vessel co-owned by EOC Limited, has successfully achieved first oil in Vietnam’s Chim Sao field on 10 October 2011.

This milestone marks the commencement of the vessel’s US$1 billion charter contract with Premier Oil Vietnam Offshore B.V.. Revenue from this contract is expected to contribute positively to the Group’s stream of recurrent earnings from 1Q FY2012.

The contract, which was one of a handful of FPSO contracts awarded globally in 2009, comprises a primary term of six years, with six renewable one-year extension options. EOC, one of Asia’s leading providers of offshore construction and production services to the oil and gas (“O&G”) sector, has a 41.7% stake in the Lewek EMAS.

Mr Lim Kwee Keong, EOC’s Chief Executive Officer, said: “The safe execution of this project and the commencement of production by the Lewek Emas further establishes EOC’s credentials as a reliable provider and operator of FPSOs. We remain committed to delivering even greater levels of service and to further consolidate our commendable track-record of safe operations with reputable counterparties”

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. Her 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 Limited.