EMAS Awarded $505 Million in New Projects
EMAS, the operating brand of Ezra Holdings (5DN.SI), a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, announced that its Subsea Services (EMAS AMC) and Offshore Support Services (EMAS Marine) divisions have been awarded projects worth approximately $505 million. These projects will be executed in the North Sea, Africa, the Gulf of Mexico and the Asia-Pacific region.
EMAS AMC has received a letter of intent for a $120 million project offshore West Africa in 2014 utilizing its flagship vessel, the Lewek Constellation together with the Lewek Express. Based on its heavy-lift capabilities, the Lewek Constellation will execute jacket and deck installation, with the Lewek Express undertaking the SURF and rigid pipeline installation scope. Designed to execute complex projects in a safe, efficient and reliable manner in water depths exceeding 3,000m, the Lewek Constellation is an ice-classed, high-end, multi-lay offshore construction vessel with heavy lift capabilities.
EMAS AMC’s foothold in the global subsea sector is further strengthened with a further four contracts added to its strong portfolio. The first is a US$105 million contract awarded by an oil major to support a deepwater project in West Africa, while two other awards won by EMAS AMC are located in the Gulf of Mexico with a combined value of $53 million. The fourth and most recent win is from an oil major in the North Sea with a value of up to $126 million including options. The earliest commencement for these projects is in 2013, while others are scheduled to run through to 2016.
Adding to EMAS’s contract wins, EMAS Marine was awarded five time charter contracts, for a Platform Supply Vessel (PSV) and four Anchor Handling, Towing and Supply (AHTS) vessels. These charters were awarded by oil majors and national and independent oil companies. The charters, to be carried out in the Asia Pacific region, are worth a total of $102 million (including options). The average tenor of these contracts is approximately 2.2 years.
EMAS AMC has won an aggregate of approximately US$1.4 billion for the current financial year to date, which includes approximately US$1.1 billion of projects which have been announced.