· Fully deployed construction fleet drives Group's sales and
earnings;

  · Actively pursuing new opportunities to sustain high
fleet utilisation;

  · Will continue to forge strategic partnerships
and expand beyond our traditional markets in the buoyant oil and gas
sector
EOC Limited (EOC or the Group), one of Asia's leading providers of
offshore construction and production services to the oil and gas (O&G)
sector, reported a sharp 49% jump in Group revenue to US$92.2 million
for the six months ended 29 February 2012 (1HFY12).

The Group's
higher sales was driven by the high utilisation of its construction
fleet, which reported a revenue of US$71.2 million in 1HFY12 against
US$23.3 million in the corresponding half year period in FY 2011.
Segment profit from EOC's construction arm came in at US$9.5 million, an
increase of 305% year-on-year.

However, the strong showing of the
construction fleet was dampened by the Group's production division which
reported a segment loss of US$1.5 million on a revenue of US$21.0
million. In 1HFY11, EOC's floating, production, storage & offloading
(FPSO) fleet contributed US$38.8 million in revenue and a profit of
US$10.6 million.

Mr Lim Kwee Keong, the Group's Chief Executive
Officer, said: "With oil prices remaining firm, analysts expect Oil
Company's E&P spending to grow in 2012. This will drive increased demand
for offshore oil and gas services which is evident from the high level
of activity in the drilling rig market."

"This strong demand will
ultimately generate follow-on demand for our construction and production
fleet over the medium term. In this respect, we are looking to conclude
a long term charter in Asia for the Lewek Arunothai in the coming
months. At the same time, we will continue to actively seek new
strategic partnerships and opportunities to expand beyond our
traditional markets as well as strengthen our position in the sector, in
particular in the construction segment which has demonstrated healthy
prospects."

The Group generated strong net cashflow from operations
of US$41.0 million compared with US$7.1 million in 1HFY11, largely due
to the long term bareboat charters of the Lewek Champion, its heavy lift
pipe lay vessel, and one of its accommodation work barge, the Lewek
Conqueror.

EOC's other accommodation work barge, the Lewek
Chancellor, is currently deployed in West Africa with a French oil major
on a contract, which could see the vessel employed into 2013. In
addition, the Group's second FPSO, the Lewek EMAS, commenced her six
year firm contract with Premier Oil Vietnam Offshore B.V. in October
2011.
ABOUT THE COMPANY
www.emasoffshore-cnp.com

Oslo Børs listing:
October 2007

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. The Group has conducted operations in
Australia, Brunei, India, Indonesia, Malaysia, the Middle East, the
Philippines, Vietnam and Thailand, and continues to do so
currently.

EOC's successful operational and HSE (health, safety and
environment) track records have enabled the Group to establish strong
working relationships with leading international oil majors, national
oil companies and various independent operators. In addition, these ties
have brought in a steady stream of repeat business and recurring
income.

The Group is an associate company of Singapore Exchange
-listed Ezra Holdings Limited, a leading global offshore contractor and
provider of integrated offshore solutions to the O&G industry.

FOR
FURTHER ENQUIRIES

Mr. Chan Eng Yew
EOC Limited
65 9792
8616
engyew.chan@emasoffshore-cnp.com

Ms. Carol Chong
Oaktree
Advisers
65 9475 3167
carolchong@oaktreeadvisers.com

Ms. Nora
Cheng
Oaktree Advisers
65 9634
7450
noracheng@oaktreeadvisers.com

Other media releases on the
company can be accessed at www.oaktreeadvisers.com