EZRA Holdings will merge its offshore support services division EMAS Marine into its floating, production, storage and offloading vessels company EOC – which is listed on the Oslo Børs in Norway.

Under the deal, Ezra will transfer all offshore support services assets to EOC. In return, it will get US$150 million in cash and US$370 million in new EOC shares – based on an issue price of 8.18 Norwegian kroner per new share.

The enlarged EOC Group will seek a secondary listing on the Singapore Exchange, as well as aiming to raise up to US$20 million in the Norwegian market.

Ezra Group chief executive Lionel Lee said the consolidation would allow the company to make the most of a growing desire among investors to be exposed to different segments of the offshore oil and gas sector.

Ezra said the consolidation would create one of the largest offshore support operators in the Asia Pacific – with more than US$1 billion in offshore support assets.

The news came as the subsea arm of the company, EMAS AMC, secured a series of contracts worth a combined US$110 million.

The scope of work for the projects include the transport and installation of subsea structures in Africa, inspection, maintenance and repair work in the Gulf of Mexico, as well as support services for a deep-water project with an oil major in the Asia Pacific.

EMAS AMC also announced in July that it had installed 50 platforms for Chevron in the Gulf of Thailand, work which commenced under a multi-year contract that commenced in 2011.

EMAS AMC has also laid 376km of subsea pipes utilising the construction vessel Lewek Champion, a DP2 rigid pipe laying vessel with heavy lift capabilities.

Chevron has since extended the contract to 2015 with a further option thereafter.

EMAS AMC is expected to install 25 pipelines and 10 platforms in 2014, of which 15 and seven, respectively, have already been completed.