EOC inks sale and leaseback deal with ICBC

Singapore: Offshore service provider EOC Limited has inked a $200m sale and leaseback deal for vessel Lewek Champion with ICBC Financial Leasing.

The vessel is a purpose-built pipelay construction, accommodation and work barge supporting offshore activities. EOC will lease the ship on a 10-year charter term with the option to purchase it back at the end of the fifth charter year.

"The demand for accommodation units continues to grow, EOC already has three accommodation and construction vessels in our fleet. With a healthier balance sheet, the Group will have the flexibility to grow its fleet of accommodation vessels. We will look for opportunities to increase our exposure with the aim of developing in this segment," said Mr Jason Goh, EOC's chief financial officer. [19/02/14]

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