Ezra gets green light to list associate in Singapore

SINGAPORE - Offshore and marine firm Ezra Holdings said yesterday that its shareholders have given the green light to a proposed consolidation of its offshore support services division, EMAS Marine, with its associated company EOC Limited.

They also agreed to EOC seeking a secondary listing on the Singapore Exchange, Ezra said in a statement on Tuesday.

EOC is already traded on the Oslo bourse in Norway, where it was listed in 2007.

About 98.5 per cent of Ezra shareholders voted in support of the consolidation proposal at an extraordinary general meeting on Tuesday.

"The proposed dual listing in Singapore will be a good platform for investors to gain exposure to one of the industry's most technologically advanced fleet with capabilities to operate globally at ultra-deep water depths," said Mr Lionel Lee, Ezra group chief executive and managing director.

"With this move, Ezra will create one of Asia Pacific's largest, youngest and strongest offshore services players with a fleet of over US$1 billion in offshore support assets."

The secondary listing of EOC in Singapore will make the company the first to dual-list in Norway and Singapore for capital raising, Ezra noted.

It said that more details on the proposed listing will follow and it is subject to prevailing capital market conditions.

EOC will hold its extraordinary general meeting on Friday, Aug 22.