Ezra's Unit EMAS AMC Bags $65M Subsea Contracts

Singapore's Ezra Holdings Limited (Ezra or the Group), a leading contractor and provider of integrated offshore solutions to the oil and gas industry, disclosed Friday that the Group’s Subsea Services division, EMAS AMC, has secured multiple contracts from various energy companies valued at more than $65 million (including options).

Scope of work includes project management, engineering, and transportation and installation works for a floating production storage offloading (FPSO) vessel in Africa, as well as various engineering and offshore construction support contracts.

Work on the various project activities has commenced with offshore execution taking place in 2015 and 2016.

“Despite the current headwinds faced by the oil and gas industry, our tendering activities remain healthy,” said Lionel Lee, Ezra’s Group CEO and managing director.

“We sit in the value chain where it is more resilient. Since the beginning of 2015, the Group has announced contract wins totalling more than $355 million. I am delighted that we are consistently being recognized for our track record and engineering capabilities across the development and support of offshore oilfields by our clients.”

Update on Lewek Constellation

Lewek Constellation, the Group’s ice-classed, DP3 multi-lay construction vessel with heavy lift capabilities, is on track to turn fully operational by March 2015. Prior to her completion, she has secured a backlog of nearly $0.5 billion, and is fully committed through to the middle of 2016. With the delivery of the Lewek Constellation, the Group has substantially completed its major capex in this growth cycle and is poised to move into a phase of free cash generation which will ultimately improve gearing and develop balance sheet strength.

She has completed the installation of her multi-lay system in the Netherlands and is currently undergoing commissioning works. The Group has also successfully closed the increased loan facility to finance the construction of the vessel up to its completion.