EOC Limited, a provider of offshore production services to the oil and gas (O&G) sector, announced it successfully signed a $200 million sale & leaseback arrangement for the Lewek Champion with a unit of ICBC Financial Leasing (part of the Industrial & Commercial Bank of China group).

The $200 million price tag for the Group’s DP2 pipelay and heavy lift construction vessel, the Lewek Champion, is based on current market valuations. Under the terms of the deal, EOC will leaseback the vessel on a 10-year bareboat charter basis with options to re-purchase from the end of the fifth charter year. EOC expects to report a gain from the sale.