"This acquisition provides Ezra with a training and logistics base. It will increase our competitiveness, cost structure and will not only complement and support our operations and vessel fleet's requirements but also our clients' needs in Vietnam as well as other oil majors around the region," said Mr Lionel Lee, Ezra's Managing Director.
He added, "Demand for offshore support services is growing fast and this base will enable Ezra to enhance its presence in our current markets and position us to penetrate new areas of opportunities. This is especially so in ensuring the certainty of skilled crew who will be able to exceed the stringent safety and efficiency requirements of our clients."
ATMS has a land area of about 97,069 square meters with a long-term lease of about 25 years. Ezra's wholly-owned HCM Logistics Ltd (formerly known as Strong Union Ltd) will pay for ATMS in two installments, the first being US$4.9 million.
The purchase price was arrived at on a willing buyer, willing seller basis after considering factors such as the net tangible assets of the acquired entities and favorable terms of the land lease.
The Group continues to build on its fleet size as well as its range of offshore support capabilities. Ezra manages 14 vessels comprising six anchor handling, towing, and supply (AHTS), two anchor handling tug (AHT), two tugs, two crew boats, one barge, and a heavy lift accommodation work barge. By end-FY2008, the fleet under management and operation will grow to 30 offshore support vessels with a strong deepwater E&P support services capability.
The Group operates one of the youngest fleets of specialized vessels serving Asia's buoyant offshore oil and gas industry. In the August 2005 fiscal year, Ezra reported a 138% rise in Group net profit to S$36.1 million.
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