Kreuz Holdings Limited (“Kreuz” or together with its subsidiaries, the “Group”), a subsea service provider for the oil and gas industry, has today announced that a Letter of Intent for subsea installation contract worth approximately US$6.2 million was signed with a leading offshore construction company in the oil and gas business located in the South Asia region. The scope of work comprises subsea transportation and installation works, which is scheduled to be completed by Q2 2011.
Mr Kurush Contractor, Executive Director and CEO of Kreuz Holdings, said: “This is our second contract win in less than four months after our listing on the Singapore Exchange as we continue to market our assets and expertise. We shall continue to actively pursue subsea projects with the Swiber Group and third parties so as to build up a healthy order book which amounts to approximately US$ 115 million as of November 11, 2010.”
“Our Group will continue to actively monitor growth opportunities that the present trend in the oil and gas industry offers. In addition, we shall continue to leverage on our strong relationships with end-customers to strengthen our portfolio and track record in the industry.”
About Kreuz Holdings Limited
Kreuz Holdings is a subsea solutions provider for the oil and gas industry. The Group’s origin can be traced to July 2008 with the establishment of Kreuz Subsea Pte. Ltd. as the subsea services division of the Swiber Group. The Group provides quality performance and cost effective subsea solutions, through main contractors, to end-customers who are generally major oil and gas companies. Subsea services include activities supporting new offshore installation and construction projects, as well as inspection, repair and maintenance of existing offshore production and pipeline facilities.
Kreuz Holdings’ subsidiary, Kreuz Subsea Pte. Ltd., has been a Contractor Member of the International Marine Contractors Association (“IMCA”) since March 2009. IMCA is an internationally recognised trade association representing offshore, marine, diving, ROV and subsea engineering companies.
Source: Kreuz Holdings, November 18, 2010