EMAS AMC Secures Subsea Contract for Tamar Development in Mediterranean Sea (Israel)

EMAS, leading integrated support and marine services provider in the offshore oil and gas (O&G) sector and operating brand for Ezra Holdings Limited (Ezra or the Group, 以斯拉控股), secures new subsea and offshore services contracts from the world’s top energy companies.

The project from Noble Energy, a leading independent international player in the O&G sector, is estimated at approximately US$88 million. Under this contract, EMAS’ deepwater subsea services division (EMAS AMC) will install approximately 330km of umbilicals and subsea equipment, as well as deliver subsea suction piles and jumpers, for the Tamar development in the Mediterranean Sea (Tamar Project). The Tamar Project is expected to commence in the second quarter of 2012 (2Q12).

The umbilicals and subsea distribution equipment for the Tamar Project are being manufactured by the Aker Solutions Group at its well-equipped and modern plant in Mobile, Alabama in the United States. Ezra and Aker Solutions AS have entered into a five-year cooperation agreement in connection with the acquisition of Aker Marine Contractors AS (completed on 1 March 2011) and the Tamar Project is an example of a bundled solution for subsea equipment.

Mr Lionel Lee (黎才德), the Managing Director of EMAS said: “The Tamar Project positions us as a key contender in the global subsea and offshore services arena. This latest subsea contract has increased our total order book to more than US$250 million. The pace at which this has been built up demonstrates not only how robustly demand is growing in the industry, but also how readily clients have come to rely on EMAS’ established capabilities to provide comprehensive and innovative subsea solutions that fit their needs and meet their expectations.

We see a rapid acceleration of global exploration and production spending and increase in subsea orders. EMAS AMC is in a strong position to bid for and secure more complex subsea construction projects as a result of the combination of our engineering and project execution capabilities and access to one of the very few state-of-the-art multipurpose construction vessels such as the AMC Connector,” he added.

In addition to the subsea contract for the Tamar Project, EMAS has also secured a letter of award/intent for a project worth up to approximately US$32 million from an international oil major to provide subsea support services in connection with the client’s maintenance activities for a floating storage facility in Africa.

Our progress in Africa illustrates the potential of our strategy to provide integrated solutions – we expect more projects where EMAS can participate to provide a complete range of services from subsea and offshore support to subsea construction services for O&G projects” concluded Mr Lee.

Source: ezra, April 14, 2011; Image: nobleenergyinc.