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Ezra accelerates global market thrust with two landmark contracts totalling abou

Posted on 11.03.2010 - 09:00 EST in CONTRACT AWARDS by Rons_ROV_Links

Ezra accelerates global market thrust with two landmark contracts totalling about US$80MEzra Holdings Limited, has accelerated its thrust to be one of the world‟s leading integrated support and marine services provider in the offshore oil & gas (O&G) sector.

Ezra, which moved decisively into Norway and Houston in the USA, has gained a foothold in the fast growing African offshore O&G market through a maiden selfpropelled jack-up contract won by its Energy Services unit, an integral part of Ezra's new Deepwater Subsea Services division. On top of this contract, the same unit also inked a well-intervention contract which establishes Ezra's position as a dominant player amongst global energy services providers. Both contracts are worth up to approximately US$80 million (including extension options) in aggregate, with an average contract tenor of up to approximately 4.1 years (including option periods).

The self-propelled jack-up contract to support an oil supermajor will see Ezra chartering and operating the vessel for the provision of various offshore services in Africa, a market of immense growth potential for offshore support services work.

Mr Lionel Lee, Managing Director of Ezra, said: "This milestone contract in Africa marks our commitment to grow Ezra and the Deepwater Subsea Services division into a strong integrated global player in the sector. The self-propelled jack-up is also Ezra's first vessel to be deployed in the fast growing African offshore market where we plan to make further inroads."

The Energy Services unit‟s second contract will see the Group utilising the state-of-the-art energy services equipment that Ezra just acquired to provide well-intervention services to a large national petroleum exploration and production group. This contract win comes just two weeks after Ezra bought the equipment at 'distressed' prices to expand the unit‟s capabilities and capacity to provide well-intervention and hydraulic workover services.

Mr Lee added: "This well-intervention services contract not only bears strong testimony to the capabilities of our Energy Services unit, but also underlines Ezra's key place as one of the world's top offshore support services providers. We will continue to offer our specialised well-intervention services with more sophisticated self-propelled jack-ups. We are steadily setting up key building blocks to drive returns from our new Deepwater Subsea Services division with the medium term goal of developing it into another strong pillar of growth for Ezra."

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