Kreuz Snags Two New Subsea Installation Contracts

Singapore-listed Kreuz Holdings, an integrated subsea service provider, revealed late Wednesday that it has won two subsea installation contracts worth $15.5 million for projects in Southeast Asia.

Its first contract, worth $10 million, was awarded by a third-party client and is scheduled for immediate commencement with completion in 1Q 2013. The second installation job, worth $5 million, was awarded by the Swiber Group and is slated to start in 2Q 2013 or 3Q 2013 with completion at the end of the third quarter.

These new contract wins are Kreuz's first for this year, the company added in its disclosure.

Kreuz had successfully raised $13 million through the issue of 50 million new shares in April last year. The funds raised enabled Kreuz to purchase a diving support vessel worth $6.2 million.

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