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Ezra Awarded New Charters Worth up to US$73m

Source: 1/12/2011, Location: Asia

Ezra Holdings Limited, a leading integrated support and marine services provider in the offshore oil and gas (O&G) sector, announced that it has won fresh charters worth up to US$73 million in total for three of its offshore support vessels, including two recently added multi-purpose platform supply vessels (PSVs).

The charter contracts and/or letters of award signed with EMAS Offshore Pte Ltd, the Group's operating entity for offshore support services, will see an anchor handling, towing and supply (AHTS) vessel and the two PSVs deployed in Asia. In aggregate, the average period for the new charters will exceed three years (with extension options exercised), consistent with the Group's strategy of securing long-term charters.

Mr Lionel Lee, Ezra's Managing Director, said: "The fixtures reflect the strong and growing demand for offshore support vessels as development and production activities increase in the oil and gas sector, which is expected to keep our fleet utilisation high."

"The quick deployment of our recently added PSVs illustrates Ezra's proven understanding of the market for offshore support vessels, and the ability to identify the right vessel types to enable us to ride on rising demand. We will continue to pursue new charter opportunities to boost the already steady stream of recurrent income enjoyed by the Group."

Last November, the Group announced that it had won new contracts worth approximately US$51 million in all to charter out five AHTS vessels and a PSV to oil majors both national and independent players for operations in the Asia-Pacific.

At the same time, Ezra also announced the investment of US$130 million to add four sophisticated multi-purpose PSVs to its fleet over the upcoming two years. This investment demonstrates the Group's commitment to strengthening the capabilities of its offshore support services division, as part of efforts to drive its next phase of growth.

Specialising in offshore support and marine services, Ezra is unique in the offshore oil and gas (O&G) industry as it offers integrated solutions across a wide spectrum of the support supply chain, over the entire life cycle of an oilfield and in all types of environments. Under the EMAS branding, the Group operates globally with offices in the UK, the US, Norway, India, Thailand, Malaysia, Vietnam, Australia, Brunei and Singapore.

Since its founding in 1992, Ezra has earned many accolades for excellence in operations and growth. In the latest milestone achievement, it was certified in business continuity management (BCM) for two internationally recognised benchmarks the Singapore BCM Standard SS540 and the British BCM Standard BS 25999 by Lloyd's Register in October 2010. Ezra is the first organisation in the offshore marine industry and the second in the world to win such a certification.

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; and well intervention, well stimulation, hydraulic workover and coil tubing services. This division is well-positioned to become 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 O&G 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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