Ezra Holdings Limited's Vietnam offshore engineering fabrication arm has been awarded a fabrication and assembly contract worth US$55.4 million.
The deal was secured by Saigon Offshore Fabrication & Engineering Limited, a wholly-owned subsidiary of HCM Logistics Limited, Ezra's offshore fabrication engineering arm in Vietnam. The contract, for delivery in FY10, is the second major job that SOFEL has clinched this year. It scored its first big win of the year in February, with another US$55.4 million contract, also for delivery in FY10.
HCM Logistics operates fabrication facilities in Ho Chi Minh City and Vung Tau. This latest deal marks its third major contract since October 2007. Taken together, the three deals are worth US$213.9 million. HCM Logistics is 100%-owned by Ezra.
Ezra's Managing Director, Mr Lionel Lee, said, "Our performance in Vietnam has established us as a strong player in fabrication engineering and assembly work, able to harness high levels of expertise and deliver quality above all.
"The intense demand for oil and gas exploration and production facilities in Asia puts us in a highly favorable position to secure more jobs in the region. We are aiming to bolster our orderbook for the long term with other contracts just as strong as these."
Earnings from this contract are not expected to be significant in FY08. With such sizeable contributions from long-term contracts, Ezra's outlook remains positive.
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