Ezra CEO: EMAS AMC Order Backlog Will Hold on Subsea Tie-Back Demand
Singapore-listed Ezra Holdings’ group CEO, Lionel Lee is optimistic the group’s subsea unit, EMAS AMC, with an active tender book boosted by resilient subsea tie-back demand, would be well-placed to maintain its $1 billion order backlog through 2015.
EMAS AMC has $10 billion worth of contracts in its bid pipeline, with subsea tie-backs accounting for a sizeable percentage of its outstanding tenders on hand, Lee said at a second quarter group results briefing Tuesday.
Subsea tie-backs are deemed as cost effective alternatives to maintain production levels under a lower oil price environment, Lee explained.
Even with oil prices hovering at a range of $50 to $60 a barrel, or about half of the $100 and above levels seen in the first half of 2014, Lee said field operators are still moving forward with sanctioned projects in the deepwater basins across the U.S. Gulf of Mexico, Africa and Asia Pacific.
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