Singapore’s EOC Limited has agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd., a company incorporated under the laws of Singapore, from Konquest Marine Pte Ltd. (KMPL).
Prior to the acquisition, Lewek Antares Shipping Pte. Ltd was jointly owned by KMPL and Ezra Holdings Limited (“Ezra”) , in a 50-50 proportion.
Upon completion of the acquisition and post completion of the Proposed Business Combination , Lewek Antares Shipping will be 100%-owned by the enlarged EOC Group.
The consideration for the 50% stake in Lewek Antares Shipping is approximately US$18.3 million, payable to KMPL upon completion. EOC said it would borrow the money for the transaction from banks.
Lewek Antares Shipping Pte. Ltd. owns 2 offshore support vessels, namely the Lewek Atria, a 3,266 dwt platform support vessel, and the Lewek Antares, a 2,900 dwt with 60-ton crane multi- purpose service vessel, which are chartered to customers.
EOC also recently announced the acquisition of two newbuild accommodation vessels and an accommodation and support vessel.
“These acquisitions are in line with EOC’s growth strategy of focusing on the growing accommodation and offshore support services sectors,” a statement by EOC reads.