EMAS AMC secures contracts worth over $65 million
Leading contractor and provider of integrated offshore solutions to the oil and gas industry Ezra Holdings has announced that the Group’s Subsea Services division, EMAS AMC, has secured multiple contracts from various energy companies valued at more than US$65 million (including options).
Scope of work includes project management, engineering, and transportation and installation works for a floating production storage offloading (FPSO) vessel in Africa, as well as various engineering and offshore construction support contracts.
Work on the various project activities has commenced with offshore execution taking place in 2015 and 2016.
According to Ezra’s Group CEO and Managing Director Lionel Lee following the contracts the company’s tendering activities remain healthy despite the current headwinds faced by the oil and gas industry thanks to its position in the value chain that is more resilient.
“Since the beginning of 2015, the Group has announced contract wins totalling more than US$355 million. I am delighted that we are consistently being recognised for our track record and engineering capabilities across the development and support of offshore oilfields by our clients,” says Lee.
Meanwhile the Group has also announced that it successfully closed the increased loan facility to finance the construction of the Lewek Constellation vessel up to its completion.
The Group has secured a healthy backlog of approximately US$2.5 billion with a majority of the contracts expected to be executed over the next 12 to 18 months.
Lewek Constellation is the Group’s ice-classed, DP3 multi-lay construction vessel with heavy lift capabilities and is on track to turn fully operational by March 2015. Prior to her completion, she has secured a backlog of nearly US$0.5 billion, and is fully committed through to the middle of 2016.
“We have seen Ezra grow and transform since the early 2000s as a ship charterer to becoming a full-fledged subsea engineering services provider, and we would like to congratulate Ezra on achieving yet another milestone with the Lewek Constellation,” said Ms Joyce Tee, Managing Director, Head of Shipping, Aviation & Transportation, Institutional Banking Group of DBS Bank, the co-lead arranger for the loan facility for the Lewek Constellation.”