A new equation of state (EOS) based on hole theory was developed. The free volume expression used in this equation of state did not use the notion of conventional linear superposition assumption. Free volume developed in this paper is composed of two parts : foe volume by cell and free volume by hole. The intrinsic cell free volume is derived from square well potential and the free volume by hole was derived by equally partitioning hole volume into each segment. When applied to PVT data of polymeric melts, this new equation of state shows better agreement over the SS model, especially at low pressure.