Singapore's Kreuz Bags $13 Million Subsea Services Contract
by Quintella Koh
Friday, July 27, 2012
Singapore's Kreuz Holdings said Friday that it has won a $13 million contract from an offshore oil and gas company to provide subsea installation services in Malaysia, a company spokesperson told Rigzone in a telephone interview.
"Kreuz is a sub-contractor in this project working for a main contractor. The main contractor has requested that the offshore oil and gas company identity be kept undisclosed," said the spokesperson.
The spokesperson added that work is scheduled to start in the third quarter of this year and will last for three months, with an option for extension.
Commenting on the company's outlook for the Southeast Asian offshore industry for the rest of this year, the spokesperson remarked that competition will "remain stiff."
The company had successfully raised $13 million through the issue of 50 million new shares on April 5, 2012. The funds raised enabled Kreuz to purchase a diving support vessel worth $6.2 million.
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