EMAS Offshore has clinched a charter contract valued at more than US$30 million, the offshore oil and gas services provider announced late Wednesday.
The contract was awarded by EMAS AMC, a wholly owned subsidiary of 75.5 per cent EMAS Offshore shareholder Ezra Holdings, following a competitive tender process, the company said. The work is part of a larger project awarded to EMAS AMC by an oil major in West Africa.
Four of EMAS Offshore's marine vessels will be chartered to EMAS AMC as part of the contract. The average duration for the work is 1.3 years, including options, and the contract is expected to start before Aug 31.
EMAS stock was last quoted at 31 Singapore cents bid, 32 Singapore cents offered, on Wednesday.