Ezra Nets $505 Million Worth of Contracts

Ezra Holdings Limited , a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, today announced that its Subsea Services (EMAS AMC) and Offshore Support Services (EMAS Marine) divisions have been awarded projects worth approximately US$505 million. These projects will be executed in the North Sea, Africa, the Gulf of Mexico and the Asia-Pacific region.

EMAS AMC has received a letter of intent for a US$120 million project offshore West Africa in 2014 utilising its flagship vessel, the Lewek Constellation together with the Lewek Express. Based on its heavy-lift capabilities, the Lewek Constellation will execute jacket and deck installation, with the Lewek Express undertaking the SURF and rigid pipeline installation scope. Designed to execute complex projects in a safe, efficient and reliable manner in water depths exceeding 3,000m, the Lewek Constellation is an ice-classed, high-end, multi-lay offshore construction vessel with heavy lift capabilities.

“We are extremely delighted with Lewek Constellation, one of only a handful of vessels in its class globally. This project marks the beginning of a new chapter for Ezra. We look forward to reaching ‘new depths’ in our offerings of subsea services and engineering solutions for our clients,” said Ezra’s Group Managing Director, Lionel Lee.

EMAS AMC’s foothold in the global subsea sector is further strengthened with a further four contracts added to its strong portfolio. The first is a US$105 million contract awarded by an oil major to support a deepwater project in West Africa, while two other awards won by EMAS AMC are located in the Gulf of Mexico with a combined value of US$53 million. The fourth and most recent win is from an oil major in the North Sea with a value of up to US$126 million including options. The earliest commencement for these projects is in 2013, while others are scheduled to run through to 2016.

“To continue our strong momentum, we are now steadily seeing the results from our increased activity in Africa, the Gulf of Mexico and the North Sea,” said Lee. “EMAS AMC is gaining increased traction and market recognition and in the near future, we will be able to gain further market share with additional project enabling assets such as the Lewek Centurion, Lewek Express and Lewek Constellation, which are all coming into service relatively soon.” 

Adding to Ezra’s contract wins, EMAS Marine was awarded five time charter contracts, for a Platform Supply Vessel (PSV) and four Anchor Handling, Towing and Supply (AHTS) vessels. These charters were awarded by oil majors and national and independent oil companies. The charters, to be carried out in the Asia Pacific region, are worth a total of US$102 million (including options). The average tenor of these contracts is approximately 2.2 years.

“The contract wins in the Asia Pacific region highlight our competitive edge in offshore support services for the region. They include longer term charters in Malaysia and Thailand where we are focusing our resources on growth to strengthen our leadership position in Asia,” said Lee. EMAS AMC has won an aggregate of approximately US$1.4 billion for the current financial year to date, which includes approximately US$1.1 billion of projects which have been announced. “

 

Press Release, July 11, 2013

 

 

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