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Ezra wins US$55 million in contracts

EZRA Holdings, which provides offshore services to the oil-and-gas industry, on Thursday said it has won US$55 million worth of new contracts through its subsea services division.

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. It did not say how many contracts it had been awarded.

Work has begun for several projects, with the others slated for offshore execution from the third quarter of this 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 Lionel Lee, Ezra's group CEO and managing director.

Its orderbook stands at about US$2.3 billion, with most of the contracts expected to be executed over the next 24 months.