Ezra Nets Four New Contracts Worth $120 Mln

Ezra Holdings Limited (“Ezra”, the “Group”), a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, announced four contracts totaling close to US$120 million. The contracts will be carried out in the Gulf of Mexico, West Africa and the Philippines.

Ezra’s subsea services division, EMAS AMC, continued to win additional projects in the second quarter of 2013 with two more projects recently added to its portfolio, one in the Gulf of Mexico and another in West Africa. Both contracts were awarded by two major oil companies.

EMAS AMC further strengthened its foothold in Africa with a contract award for the project management and installation of flexible risers, hydraulic umbilicals and anchor chains. The contract further includes pre-commissioning services. The project, which was secured together with a local JV partner, will be managed out of the EMAS AMC’s Oslo office with offshore works scheduled to begin in the second quarter of 2013.

Separately, the contract in the Gulf of Mexico is a strategic deepwater contract for the project management and installation of flowlines, umbilicals, jumpers and flying leads. The project will be undertaken and managed by EMAS AMC’s Houston office with offshore installation scheduled to start in the third quarter of 2013.

In addition to EMAS AMC’s new contracts, Ezra’s offshore support services division, EMAS Marine was awarded an eight year contract, including options, for offshore exploration work with a major oil company in the Philippines. The charter of one of EMAS Marine’s AHTS will begin later this month. The division also secured a five year contract extension for one of their vessels in West Africa.

“These markets each present their unique challenges and we are delighted that we have managed to win these contracts,” said Mr Lionel Lee, Managing Director of Ezra.

“West Africa is an area where we continue to see growth opportunities, and the new contract for EMAS AMC plus contract extension for EMAS Marine strengthens our commitment to the region. Activities in the Gulf of Mexico may have been slower to pick up but, we have been rewarded for our efforts and our strong relationship with key oil and gas players.

“In addition, we continue to stay ahead in Asia with the Philippines contract. The contracts we won are the result of our commitment to become a leading global subsea construction player and validate our global strategy.”

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Press Release, April 12, 2013