Ezra unit wins A$130m subsea construction contract

INTEGRATED offshore solutions provider Ezra Holdings on Friday announced that its subsea services division, Emas Amc, has secured a subsea construction contract with Australia's Apache Energy Limited in excess of A$130 million.

Under the contract, Emas Amc will provide the project management, engineering, transportation and subsea installation of an electro-hydraulic steel tube umbilical, two heavy lift subsea manifolds, flying leads and jumpers as well as the procurement, fabrication,transportation and installation of diverless tie-in spools for Apache's Julimar Development Project offshore Australia.

The project management and engineering is to commence immediately. Offshore execution is scheduled to start in Q1 FY16; Emas Amc will use its heavy lift and multi-lay deep water offshore construction vessel, the Lewek Constellation.

The new project award follows the recently secured multi-year North Sea frame agreement and the completed installation works for the Coniston Field Development Project in north-west Australia, said Ezra group CEO and managing director Lionel Lee.

"I am extremely encouraged by the level of interest the Lewek Constellation has generated from the industry and we expect that it will continue to drive the subsea business forward with our work schedule extending well into 2016 and beyond," he said.

Upon announcement of its Q1 FY15 results, and the newly clinched contract, on Friday morning, Ezra's counter was trading at S$0.585, up 1.74 per cent from Thursday's close.