Singapore: Kreuz Secures US$7.6 Million Subsea Installation Contract


Kreuz Holdings Limited , a subsea service provider for the oil and gas industry, has today announced that a subsea installation contract worth approximately US$7.6 million was signed with a leading offshore construction company in the oil and gas business located in the Middle East.

The scope of work comprises mainly of subsea 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 first contract win in just less than three months post-listing. Our intensified marketing and bidding efforts are starting to pay off and this will add to our existing healthy order book of secured contracts amounting to approximately US$132 million as at August 13, 2010.”

“In addition, leveraging on the positive trend in the oil and gas industry and our strong relationship with end-customers, we will continue to actively bid for new projects in Asia Pacific, India and Middle East where we see good growth potential.”

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:Kreuzsubsea , October 6, 2010;

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