Ezra clinches US$55 million in contracts

SINGAPORE - Mainboard-listed Ezra Holdings, which provides offshore services to the oil-and-gas industry, said on Thursday said that its subsea services division, EMAS AMC, has won multiple new awards from various oil and energy companies totalling about US$55 million (S$74.57 million).

Scope of work includes project support, inspection, maintenance and repair, subsea removal work of pipelines and structures, installation of buoys and lifting of structures and mattresses, as well as a pre-FEED (front-end engineering design) study.

Work has begun for several projects, with the others slated for offshore execution from the third quarter of its 2015 financial year.

"Amidst the volatile oil price environment and current headwinds faced by the oil and gas industry, we continue to show resilience with contract wins across the globe," said Mr Lionel Lee, Ezra's Group CEO and managing director.

Ezra's orderbook now stands at about US$2.3 billion, with a majority of the contracts expected to be executed over the next 24 months. Since the beginning of 2015, Ezra has announced some US$550 million project wins.