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Ezra secured maiden subsea inspection, maintenance and repair (IMR) contract

Posted on 09.03.2010 - 10:00 EST in CONTRACT AWARDS by Rons_ROV_Links

Ezra secured maiden subsea inspection, maintenance and repair (IMR) contractEzra Holdings Limited, a leading integrated support and marine services provider in the offshore oil & gas (O&G) sector, clinched its first IMR long term time charter contract, locking in its reputation as a global integrated subsea offshore support services provider.

Under the Deepwater Subsea division's maiden contract, Ezra will provide inspection, maintenance and repair services to support subsea work on an existing production field of a national oil company in the region. The long term charter expected to commence immediately is worth up to US$12 million.

Ezra's Managing Director, Mr Lionel Lee said of the division's progress: "This contract win is the result of our dedication to propel Ezra to the next level where we are able to offer fully integrated solutions for the entire chain of support work in shallow to deepwater and subsea depths throughout the full lifecycle of an offshore oil & gas field."

"Our strategic thrust into the Deepwater Subsea Services segment was planned as early as three years ago, and this contact, together with our global presence, will help pave the way for us to secure more jobs for our incoming subsea-capable vessels. We will continue to build on our solid reputation as a leading provider of offshore support services in the oil & gas sector in our next stage of growth."

Since sharing its plans to develop the Deepwater Subsea Services division as its second growth engine to power Ezra's earnings in the current decade, Ezra has successfully brought on industry veterans and established operations in Houston, Oslo and London amongst others. Ezra's current earnings are driven largely by its Offshore Support Services division.

Today, Ezra just posted an 93% year-on-year (yoy) increase in net attributable profit to US$18.4 million for its first quarter ended 30 November 2009. Despite its steady expansion to fuel growth, Ezra's balance sheet remains sound, with net gearing ratio remaining at 0.3 times.

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