Singapore: Ezra Continues to Build up Offshore Support Services; US$51 Million in New Charters

Ezra Holdings Limited , a leading integrated support and marine services provider in the offshore oil & gas (O&G) sector, will add four high-end multi-purpose platform supply vessels (PSVs) to its fleet in the light of the positive outlook for the sector.

The investment of approximately US$130 million underlines its commitment to strengthening the capabilities of its core businesses and driving its next growth phase.

At the same time, the Group has also announced that EMAS Offshore Pte Ltd, the Group’s operating entity for offshore support services, has secured letters of intent and/or letters of award for approximately US$51 million worth of new contracts which will charter five anchor, handling, towing and supply (AHTS) vessels and a PSV to oil majors, national as well as independent oil companies, for operations in Asia and Australia. In aggregate, the average period for the new charters will exceed two years.

Mr Lionel Lee (黎才德), Ezra’s Managing Director, said: “We are currently fortifying our key offshore support, deepwater subsea and engineering services units in preparation for our next leg of growth, which will see Ezra becoming a truly global player in the offshore O&G sector.

The offshore support services division brings in steady cashflow and remains integral to the Group’s overall operations. The latest contracts will keep the overall fleet utilisation high, reflecting the underlying positive tone of the industry. As we grow our fleet, we expect to enjoy rising recurrent income from the charters of our young and technologically advanced vessels.”

The US$130 million will fund the purchase of four multi-purpose PSVs of up to 5,200 deadweight tonnes over the next two years. These vessels will meet the latest code of safety and oil recovery guidelines.

The Group recently announced the strategic purchase of a well-equipped US fabrication facility in Houston, Texas, which is expected to anchor its position as a global O&G engineering services provider. This comes shortly after the announcement of Ezra’s proposed US$250 million acquisition of Aker Marine Contractors, an established SURF and floater installation company, which is poised to help the Group join the ranks of the world’s top players in the subsea services sector.Specialising in offshore support and marine services, Ezra (以斯拉控股) is unique in the offshore oil & gas industry as it offers integrated solutions across a wide spectrum of the support supply chain, over the entire life cycle of an oilfield. Under the EMAS branding, the Group operates globally with offices in the UK, the US, Norway, India, Thailand, Malaysia, Vietnam, Australia, Brunei and Singapore.

Ezra offers transport and support services through its offshore support division, which manages and operates a young fleet of anchor handling, towing & supply vessels, anchor handling tugs and fast crew utility boats.

The deepwater subsea division offers installation of subsea umbilicals, risers and flowlines (SURF); subsea inspection, maintenance and repair works; well intervention, well stimulation, hydraulic workover and coil tubing services. This division is well-positioned to be another major growth driver with the Group’s recent proposed US$250 million acquisition of Aker Marine Contractors (AMC), a successful and established SURF and floater installation company with a strong presence in the Gulf of Mexico, the North Sea, Latin America and Africa. With AMC, Ezra will be able to provide EPIC (Engineering, Procurement, Installation and Construction) and SURF solutions to the global oil and gas industry.

The construction and production arm, under approximately 47.3%-owned EOC Limited, offers offshore transport, installation, construction and floating production services for offshore oil and gas production. It manages two heavy lift accommodation crane barges, a pipelay vessel and a floating production, storage & offloading (FPSO) vessel.

Ezra’s marine services division provides support and fabrication services, with logistics and fabrication engineering services offered out of Vietnam through HCM Logistics and marine lifting equipment from Houston. The Group has the design and engineering capabilities to support offshore heavy lift installations. It is also able to perform inspection, maintenance and repair work for FPSO vessels as well as offshore installations.

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Source:Ezra Holdings , November 22, 2010;