Ezra Wins Contracts Worth U.S. $130.2 Million

Ezra Holdings Limited is starting its current 2008 financial year (August year end) on a strong note with the award of U.S. $130.2 million in fabrication and charter contracts.

Ezra’s 100%-owned Saigon Shipyard Limited, which is held via wholly-owned HCM Logistics Limited, marked its successful break into the offshore fabrication market with the recent award of a fabrication and assembly contract worth U.S. $103.1 million.

The group also revealed that part of the U.S. $130.2 million contracts includes offshore transportation, installation and commissioning work in Southeast Asian oilfields, one of which was awarded by a major North Asian conglomerate. Under that contract, Ezra will provide a range of services, which includes utilizing a jacket launch barge to transport and load out an offshore jacket, piles and bridges for a massive platform complex. The Group is expected to deliver the projects by FY2010.

Said Ezra’s Managing Director Lionel Lee: "As Singapore’s first regional offshore support services player to establish a local shipyard presence in Vietnam, Ezra is well-placed to ride the upwave of energy exploration and production activities in the South China Sea. The yard is expected to come fully on-stream in 2009 and will strengthen our competitive position as a leading provider of integrated offshore support services, especially in Asia. Also, we foresee that Saigon Shipyard will become an increasingly significant contributor to Ezra’s bottom line."

Ezra is expanding not only its geographical market reach but also the depth and range of its offshore support services so that the Group can better serve the growing needs of its customers in the oil & gas sector. Just last month, Ezra awarded a S$162.4 million contract for the design and construction of a large 27,000 brake horsepower Multi Functional Support Vessel to Karmsund Maritime Service AS of Norway. The contract value includes the cost of sophisticated equipment.