Kruez Clinches Contract for Subsea Installation

Kreuz has announced that a Letter of Intent for subsea installation contract worth approximately US $6.2 million was signed with a leading offshore construction company in the oil and gas business located in the South Asia region. The scope of work comprises subsea transportation and installation works, which is scheduled to be completed by Q2 2011.

Mr. Kurush Contractor, Executive Director and CEO of Kreuz Holdings, said, "This is our second contract win in less than four months after our listing on the Singapore Exchange as we continue to market our assets and expertise. We shall continue to actively pursue subsea projects with the Swiber Group and third parties so as to build up a healthy order book which amounts to approximately US $115 million as of November 11, 2010."

"Our Group will continue to actively monitor growth opportunities that the present trend in the oil and gas industry offers. In addition, we shall continue to leverage on our strong relationships with end-customers to strengthen our portfolio and track record in the industry."