EOC Profit for 3Q 2013 Improves Despite Revenue Reduction

EOC Limited, a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, announced their revenues for 3Q FY2013.

The Company reported revenues of USD 12.3 million, a decrease of 36% or USD 7.0 million from USD 19.3 million in 3Q FY2012. The decrease was due mainly to absence of a one-off project revenue contribution in 3Q FY2013 as compared with a construction project undertaken in Papua New Guinea in 3Q FY2012 which contributed USD 9.8 million in revenue.

This was offset by USD 1.8 million revenue contribution from project management, engineering and procurement services for modification of Lewek Emas to accommodate a subsea tie-back linking the FPSO to the nearby Premier-operated Dua oilfield, offshore Vietnam.

Gross profit for 3Q FY2013 amounted to USD 6.4 million, as compared to a loss of USD 3.4 million for 3Q FY2012 despite reduction in revenue. The improvement was due mainly to demobilisation expenses incurred for the Perisai Kamelia, which a mounted to approximately USD 10.9 million in 3Q FY2012.

EOC Limited offers offshore floating production services that support the full life cycle of offshore oil and gas (O&G) production. It owns and operates two floating production, storage and offloading (FPSO) vessels, the Lewek Arunothai and the Lewek EMAS, and a fleet of construction vessels.

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July 11, 2013