Ezra Posts 1Q 2015 Profit of $61M, Bags $105M Deal for Julimar Project

“The recent decline in oil prices has affected the global capital markets, but we believe that the long-term fundamentals of the oil and gas industry remain encouraging and that this is expected to drive the continued spending in segments that Ezra operates in,” commented Lee.

“Despite the current headwinds faced by the oil and gas industry in the midst of a lower oil price environment, we are not seeing a slowdown in tendering activities, especially in the Gulf of Mexico and West Africa. By March 2015, we will see the delivery of our flagship vessel, Lewek Constellation, an ice-classed vessel that is one of only two in the world. This will strengthen our credentials, especially in the areas of subsea tie-backs and SURF (subsea umbilicals, risers and flowlines),” Lee added.

Ezra also revealed that its orderbook currently stands at approximately $2.5 billion, with most of the contracts expected to be executed over the next 12 to 18 months.

In a separate press release, Ezra announced Friday that its subsidiary EMAS AMC has clinched a subsea construction contract from Apache Energy Limited (Apache) in Australia with a value in excess of approximately $105 million (AUD 130 million).

Workscope under the contract includes project management, engineering, transportation and subsea installation of an electro-hydraulic steel tube umbilical, two heavy lift subsea manifolds, flying leads and jumpers as well as the procurement, fabrication, transportation and installation of diverless tie-in spools for Apache’s Julimar Development Project offshore Australia.

Project Management and Engineering is to commence immediately with offshore execution scheduled to start in 1Q 2016, utilizing the heavy lift and multi-lay deep water offshore construction vessel, the Lewek Constellation.

“This important award marks another significant milestone for EMAS AMC as we continue to strengthen Lewek Constellation’s project portfolio. I am thankful to Apache for providing EMAS AMC the opportunity to showcase our flagship vessel – Lewek Constellation in Australia," Lee commented.


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