Establishment of joint venture to supply a new FPSO for Chim Sao project in Vietnam

• Ezra Holdings Limited, EOC Limited, PetroVietnam Transportation Corporation & KSI Production Pte Ltd to establish joint venture company

• Joint venture company will supply a new FPSO and related services to Premier Oil Vietnem Offshore B.V. (“Premier Oil”)

Singapore, 5 February 2010

Ezra Holdings Limited (“Ezra”, the “Group” or 以斯拉控股), one of the world‟s leading integrated support and marine services provider in the offshore oil & gas sector, has entered into a shareholders‟ agreement (the “Shareholders‟ Agreement”) with three other partners to establish a joint venture company that will supply the Floating Production, Storage and Offloading Vessel (the “FPSO”) and related services to Premier Oil in respect of the Chim Sao project in Vietnam.

Ezra and the three other partners being EOC Limited (“EOC”), PetroVietnam Corporation and KSI Production Pte Ltd will participate in the joint venture through the provision of equity and/or shareholders‟ loans subject to the terms and according to the conditions of the Shareholders‟ Agreement. In addition, Ezra will dispose of Lewek Emas, a 168,000 deadweight tonne Suzemax oil tanker, to the joint venture company for conversion into the FPSO for which it will receive redeemable cumulative preference shares.

Said Mr Lionel Lee (黎才德), Managing Director of Ezra: “Our first FPSO, Lewek Arunothai, has demonstrated that FPSOs provide solid and enduring income streams. Our participation in the joint venture is a testament to the confidence we have in EOC to be able to execute and successfully deliver on the landmark Chim Sao project.”

Awarded by Premier Oil, the Chim Sao FPSO contract is worth up to approximately US$1 billion. After conversion by Keppel Shipyard Limited, the FPSO is expected to produce up to 50,000 barrels of oil per day and have a storage capacity of about 680,000 barrels of oil. Production is slated to begin in the second quarter of 2011.

Ezra recently accelerated its global market thrust with two landmark contracts totaling about US$80 million. Ezra‟s first self-propelled jack-up charter contract marked the maiden foray into the African market by its energy services unit. The other contract will see the Group utilising its state-of-the-art energy services equipment, recently acquired at „distressed‟ prices, to provide well-intervention services to a large national petroleum exploration and production group.

Ezra Holdings Limited

About the Company

SGX mainboard listing: December 2005

Specialising in offshore support and marine services, Ezra (以斯拉控股) is unique in the offshore oil & gas industry because it offers integrated solutions across a wide spectrum of the support supply chain, over the entire life cycle of an oilfield. With global operations across the globe, the Group currently has offices in London, Houston, Oslo, India, Thailand, Malaysia, Vietnam, Australia and Brunei.

Ezra offers transport and support services through its offshore support division, which manages and operates a young fleet of anchor handling, towing & supply vessels, anchor handling tugs and fast crew utility boats.

The construction and production arm, under approximately 48%-owned EOC Limited, offers offshore transport, installation, construction and floating production services for offshore oil and gas production. It manages two heavy lift accommodation crane barges, a pipelay vessel and a floating production, storage & offloading (FPSO) vessel.

Ezra‟s marine services division provides marine and offshore support engineering and training services, with logistics and fabrication engineering services offered out of Vietnam through HCM Logistics. The Group has the design and engineering capabilities to undertake subsea installations. It is also able to perform inspection, maintenance and repair work for FPSO vessels as well as offshore installations.

Ezra‟s deepwater subsea division offers installation of subsea equipment, umbilicals, risers and flowlines; subsea inspection, maintenance and repair works; well intervention, well stimulation, hydraulic workover and coil tubing services. It will tap into new growth areas as it thrusts into the deeper waters and capitalises on the underinvested offshore oil and gas segment.

Ezra Holdings Limited