Ezra's Vietnam Yard Clinches Major Fabrication, Assembly Contract

Ezra Holdings Limited, a leading integrated offshore support and marine services provider in the offshore oil & gas (O&G) industry, announced that wholly-owned Saigon Offshore Fabrication & Engineering Limited (SOFEL) has clinched a US$55.4 million fabrication and assembly contract with delivery in FY2010.

The contract is the second major job to be won by Ezra‟s offshore fabrication engineering arm in Vietnam, HCM Logistics Limited (HCM Logistics), which owns SOFEL. Last October, another HCM Logistics unit, Saigon Shipyard Limited, marked its successful break into the offshore engineering market with a US$103.1 million fabrication and assembly contract, also to be delivered in FY2010. HCM Logistics is 100%-owned by Ezra.

Ezra's Managing Director Lionel Lee said, "The awards of these major contracts within a short five-month period strongly endorses the fast-rising reputation and build-up of the offshore fabrication engineering expertise of our Vietnam operations, as well as the Ezra Group. "Asia‟s offshore O&G exploration and production activities are on an uptrend and the track record we are establishing as a quality engineering services provider positions our Vietnam yard well to secure new projects in fabrication and assembly work."

HCM Logistics operates fabrication facilities in Ho Chi Minh City and Vung Tau. Under the latest contract, SOFEL will fabricate and assemble an offshore module for a North American company in the O&G industry. Earnings recognition is expected from FY2009. Ezra is swiftly building and refining its capabilities as a fully integrated provider of offshore support services able to meet the stringent transport, logistics and fabrication engineering requirements of the demanding offshore oil & gas sector.

The Group, amongst Asia's first to strategically focus on deepwater offshore support work, currently manages 30 vessels and has 11 more scheduled to come into service by 2010. These include a floating production support offloading (FPSO) vessel, two jack-up rigs, four Multi-Functional Support Vessels, and an ultra-large pipelay accommodation, well service and maintenance vessel.