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2014-04-28

EOC Limited: PREPARATION OF EOC LIMITED FINANCIAL STATEMENTS IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS

EOC Limited ("the Company") is required under the Singapore Companies
Act (Chapter 50), Sec 201, to prepare and present its financial
statements in accordance with Singapore Financial Reporting Standards
("SFRS") unless waiver approval is obtained from the Registrar of
Companies ("Registrar"). At the last Annual General Meeting held on 6
January 2014, the shareholders of the Company has adopted the Audited
Financial Statements of the Company for the financial year ended 31
August 2013 together with Auditors' Report based on International
Financial Reporting Standards ("IFRS"). However, waiver for
presenting the financial statements in IFRS was not granted for the
financial year ended 31 August 2013. Accordingly, another set of
financial statements has been prepared and drawn up in accordance
with provisions of the Singapore Companies Act and SFRS.

The Company has reviewed and made an assessment on the SFRS financial
statements and are satisfied that there is no difference in the
financial amount reported, compared to the IFRS financial statements
previously adopted by the shareholders on 6 January 2014. In
addition, apart than the following changes:

a. additional subsequent event disclosure note due to changes in
dating of the financial statements (IFRS financial statements was
dated 16 December 2013 and SFRS financial statements was dated 21
April 2014 for

(i). the acquisition of SJR Marine (L) Ltd which was announced on 26
December 2013; and

(ii). the sale and leaseback transaction for M.V. Lewek Champion which
was announced on 19 February 2014;

b. changes were made to correctly name the standards in accordance
with SFRS naming convention;

c. changes were made to reflect that the Company has considered and
anticipated the adoption of additional standards, interpretations and
amendments to standards in relation to SFRS, that were issued but not
effective until future period;

d. additional description on the process of transition from IFRS to
SFRS; and

e. additional statement of compliance that the financial statements
are in compliance with all requirements of IFRS in accordance with
IAS 1 Presentation of Financial Statements;

there is no difference in the Notes to the Financial Statements being
presented.

A copy of the financial statements prepared and presented in
accordance with SFRS is attached and a copy is also made available at
our Company's website www.emasoffshore-cnp.com.

The SFRS financial statements will be lodged with the Registrar.

The Company has prepared and presented its financial statements in
accordance with SFRS with effect from second quarter of the financial
period ended 28 February 2014 which was announced on 8 April 2014.

For further information, please contact:

Mr. Jason Goh

EOC Limited

+65 6590 8209

investor_relations@emasoffshore-cnp.com

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http://news.cision.com/eoc-limited/r/preparation-of-eoc-limited-financia...
http://mb.cision.com/Public/738/9575670/be057b0426b8e41f.pdf
http://mb.cision.com/Public/738/9575670/8613a30e6aa3134d.pdf

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