India: Kreuz Wins USD 57.5 Million Contracts from Swiber

– Kreuz Holdings Limited (“Kreuz” or together with its subsidiaries, the “Group”), a subsea service provider for the oil and gas industry, today announced that the Group has secured its fifth set of contract wins worth approximately US$57.5 million from the Swiber Group.

The value of this set of contract wins is made up exclusively from subsea work components for new wins announced earlier by the Swiber Group in the India and Southeast Asia regions.

Mr Kurush Contractor, Executive Director and CEO of Kreuz Holdings, said: “The Group continues its marketing pursuit in bidding and securing new work both with Swiber Group and third party clients. With this recent set of contract wins, our total wins in FY2011 alone presently stand at approximately US$157.53 million”.

“Against the backdrop of global economic uncertainty, activity levels in the oil and gas industry remain positive, driven by the continued interest of energy giants towards exploration for new finds and the upgrade for production enhancement of existing offshore fields. Buoyed by a strong and growing demand for energy in Asia, opportunities for subsea projects remain encouraging even in a fiercely competitive market. Emphasising on safety, quality and timely  execution, we shall position ourselves to capitalise on new prospects,” said Mr Kurush Contractor.

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Source: Kreuz,  November 8, 2011