EOC Wins $148M Transport & Installation Contract

Ezra Holdings Limited (the Group) announced that its associate EOC Limited has clinched the Group's maiden major regional contract worth US$148 million to jointly provide transportation and installation services for the Malaysian-Thailand Joint Development Area (MTJDA).

The contract was awarded by Carigali-PTTEPI Operating Co Sdn Bhd (CPOC), a joint operating company between PTTEP International Ltd and Petronas Carigali (JDA) Sdn Bhd. Under the equal interest contract, EOC's wholly owned Emas Offshore Construction and Production Pte Ltd will work closely as an equal partner with a subsidiary of a major offshore oil & gas group ("Main Contractor"), which is the main contracting party to this contract.

Said Ezra's Managing Director Lionel Lee: "While we have set our sights on becoming a significant global player in the offshore oil & gas support services sector, we have not forgotten the active E&P activities in our own backyard, Asia. The expanded capability of our well-equipped fleet with its strong deepwater focus places Ezra in a good position to benefit from the regional oil & gas sector boom."

"We are pleased to be working on this project and will continue to build long term working relationships with regional players that we have good business synergies with. We expect the contract to contribute positively to our bottomline in FY09," added Lee.

The contract will involve the use of various support vessels from the Group, including EOC's heavy-lift, accommodation, pipe-lay vessel, the Lewek Champion. The vessels will support offshore construction works including transportation and installation of platforms, including jackets, topsides, bridges and infield pipelines for the JDA Block B-17 Field Development Plan Project located within the MTJDA in the southern portion of the Thai Gulf. The MTJDA is an area of overlapping continental shelf claimed and jointly developed by both Malaysia and Thailand.

Ezra, together with 48.9%-owned EOC and the Main Contractor will be working closely as integrated team members on the venture, which is slated to start in 3Q2008 and end a year later. EOC specializes in providing various aspects of construction and production services to the offshore oil & gas industry, including but not limited to offshore construction, pipe-laying, decommissioning, accommodation and floating production services.

EOC successfully listed on the Mainboard of the Oslo Bors last month, becoming the first Singaporean-managed and Singapore incorporated company to do so. Ezra is fast putting in place the building blocks to establish itself as a key player with a deepwater expertise in the global offshore oil & gas support services sector. The Group manages and operates a young fleet of 26 vessels 14 AHTSs, 4 AHTs, 3 crewboats, 2 heavy lift accommodation crane barges, 1 heavy lift accommodation pipe-lay vessel, 1 launch barge and 1 deck cargo barge--which offer transport & logistics support services throughout the entire oilfield's life cycle.

Ezra Holdings Limited offers offshore support and marine services and is unique in the offshore oil and gas industry with its integrated range of support vessels for charter across a broad spectrum of the oil and gas offshore support supply chain. The Group manages and operates a young, fast-growing fleet of anchor handling, towing & supply vessels (AHTS), anchor handling tugs (AHTs), and fast crew utility boats, which offer transport and logistics support services throughout the entire oilfield's life cycle.

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