Singapore's Kreuz Wins New O&G Services Contracts Worth $142 Million
by Quintella Koh
Tuesday, June 12, 2012
Singapore's Kreuz Holdings, a subsea services provider for the oil and gas industry, said Tuesday that it has won a series of oil and gas services contracts worth around $142 million.
The contracts include subsea installation works from the Swiber Group and an unnamed third-party for remotely operated vehicle services.
These contract wins follow Kreuz's success in raising $13 million (S$16.6 million) through the issue of 50 million new shares on April 5, 2012. The company reported on 15 May that it had spent $6.2 million (S$8 million) on a diving support vessel.
Kreuz reported on May 11, 2012 strong financial results for the quarter ended March 31, 2012. The company reported a 1Q revenue increase of 86 percent to $48.6 million (1Q 2011: $26.1 million).
Kreuz also disclosed in May that it had an order book of $120 million and it was expecting potential new awards. The company said that its ongoing inspection, repair and maintenance (IRM) works in Brunei and engineering, procurement, construction, installation and commissioning (EPCIC) works in Indonesia were the two primary contributors to its growth in revenue.
"Kreuz will continue to ride on the momentum of growth with a two-pronged approach – remaining committed in our provision of top quality services and also exploring opportunities to acquire state-of-the-art deep and shallow water vessels. Whilst we remain focused in Southeast Asia and India, we are actively bidding for work in other regions such as the Middle East to strengthen and diversify the depth of our order book and customer base," Kreuz CEO Kurush Contractor said.
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