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Ezra Holdings to consolidate EMAS Marine into EOC

Mainboard-listed Ezra Holdings is injecting its offshore support services division, EMAS Marine, into its affiliate, Oslo-listed EOC.

SINGAPORE: Mainboard-listed Ezra Holdings is injecting its offshore support services division, EMAS Marine, into its affiliate, Oslo-listed EOC.

Ezra said that this will create one of the largest offshore support operators in the Asia-Pacific in terms of asset value -- managing an offshore services platform with more than US$1 billion in assets.

Under the deal, Ezra will transfer all offshore support services assets to EOC. In return, it will get US$150 million in cash and US$370 million in new EOC shares.

Its stake in EOC will be raised to 84.6 per cent, from the current 45.7 per cent.

The enlarged EOC Group will seek a secondary listing on the Singapore Exchange, targeted for the fourth quarter of this year.

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