Ezra's EMAS AMC Bags $80M Contracts for Subsea Projects

Ezra Holdings Limited reported Friday that EMAS, the company's operating brand and an offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, announced that its Subsea Services division (EMAS AMC) been awarded projects worth a total of approximately $80million, including options.

The scope of these projects cover a large spectrum of subsea work, including the decommissioning and towage of an floating production, storage and offloading (FPSO) in Asia and the deployment of an Inspection, Maintenance and Repair (IMR) vessel in the Americas. Work for a majority of the contracts is expected to commence by the first half of 2014.

“We are extremely pleased with these contract wins, which allows us to showcase the breadth of capabilities that EMAS AMC possesses as well as our global reach,” said EMAS’s Group CEO and Managing Director, Lionel Lee.

“It is an auspicious start to the new year. We are seeing a good pick up of activities in the key regions where we are focused on, and we are well-positioned to take advantage of the upturn in 2014.”

The Group began the year with strong top-line growth with operational profitability, registering a 22 percent jump to $339.8 million in revenue compared to the corresponding period in fiscal year (FY) 2013. The Group’s subsea orderbook stands at more than $1.4 billion, and is still tendering for some $9 billion in projects worldwide.