Ezra Scores Double Korean Contract Win Worth $200M

Singapore's Ezra Holdings said Thursday that its subsea unit – EMAS AMC – has secured two contracts with its South Korean clients worth around $200 million.

The first contract was awarded by STX Offshore & Shipbuilding for the provision of engineering and project management work in offshore Africa. Work starts immediately, and offshore execution is slated to start in 2015.

The second contract was awarded by Daewoo Shipbuilding & Marine Engineering for one of its accommodation and hook-up support vessels, also for operations in offshore Africa. Offshore execution for this project is slated to start in 1Q 2014.

"Our double contract wins demonstrate Ezra's abilities to deliver advanced turnkey projects in emerging markets through the utilization of our high-end installation assets under EMAS AMC," Ezra's Managing Director Lionel Lee said in a published statement.

"This is a good start to [Ezra's] 2013 financial year as the company's subsea arm has had weak momentum over the past 6 months. We keep our order win assumptions for [Ezra's] 2013 financial year at $900 million," CIMB Analyst Lim Siew Kee said in an opinion statement released Thursday.


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