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Friday, September 30, 2016

EMAS AMC Wins $126 Million Floater Installation Contract

July 12, 2013

EMAS AMC, the subsea services division of EMAS, a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry and the operating brand of Ezra Holdings Limited (5DN.SI), has announced that it has been awarded a transport and floater installation contract for two FSUs, with an option for a third, from Statoil (STO) for their Heidrun and Mariner fields. The contract is valued at approximately $126 million (*1), including options.

C.J. D’Cort, CEO of EMAS AMC, said, “We have had multiple contract wins since the beginning of 2013 for EMAS AMC in the North Sea."

The work scope for all three projects consists of the pre-installation of mooring systems, followed by the transport, hook-up and installation of the FSUs in their respective fields. The projects will be managed out of EMAS AMC’s Oslo office.

The Heidrun field located off Norway’s west coast in a water depth of around 350m, came on stream in 1995 and as of the end of 2012, it was estimated to have reserves of some 40.1 million cubic meters of oil, 31.3 billion cubic metres of gas and 1.7 million tons of natural gas liquids. Offshore operations by EMAS AMC are expected to begin in mid-2014.

The Mariner field, one of the largest developments in the North Sea, is located off the U.K. Continental Shelf (UKCS) in a water depth of 110m, and is expected to produce some 55,000 barrels of oil per day over the plateau period from 2017 to 2020. Offshore operations by EMAS AMC are expected to begin in mid-2015.

(*1) This amount is part of the $505 million announced by Ezra Holdings Limited in the news release “EMAS awarded more than half a billion worth of new projects, securing orders up to 2016”, dated 11 July 2013.
 



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