Ezra's Subsea, Offshore Support Services Units Bags $110M Contracts
Ezra Holdings Limited (Ezra, or the Group), a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, announced Wednesday that its Subsea Services (EMAS AMC) and Offshore Support Services (EMAS Marine) divisions have been awarded projects worth $110 million. These projects will be executed in the Gulf of Mexico and the Asia-Pacific region.
EMAS AMC’s project wins come from a national oil company operating in the Gulf of Mexico for a SURF (subsea, umbilicals, risers, flowlines) type offshore installation project, while the other comes from an oil major operating in Asia for pipeline repair works. Both projects are scheduled to commence before the end of 2013, and will be managed from the Group’s Houston and Singapore offices respectively.
“I am delighted with the steady progress that EMAS AMC has made this year. Not only are we continuing our winning momentum, but we have also demonstrated that we have positively rebounded, and that project execution is reaching a higher level of operational efficiency,” said Ezra’s Group CEO and Managing Director, Lionel Lee.
“We are now beginning to see various repeat clients, which mean we are gaining recognition for the good work we are doing.”
Adding to Ezra’s contract wins, EMAS Marine has been awarded three new charters with a national oil company and an oil major in South East Asia for two anchor, handling, towing and supply (AHTS) vessels and a platform supply vessel (PSV). The contracts have an average tenure of around 3.5 years, including options.
“The charter wins are a testament to our strong reputation that we have in the region and proof that EMAS Marine’s consolidation efforts into Asia is paying off,” said Lee.
“While the offshore support market remains challenging, we have been able to ride on our track record and close relationships with operators to continue winning quality, long-term charters for our vessels.”
The Group recently announced a record $1.26 billion in revenue for its full year results in FY2013, and has approximately $8 billion worth of projects being tendered. Ezra’s orderbook stands in excess of $2 billion.
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