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April 8, 2004

Ezra holdings orders OSV's

Singapore offshore support and marine services provider Ezra Holdings Limited t has awarded US$11 million worth of newbuilding contracts for three vessels to Hong Kong-based Cheoy Lee Shipyards Ltd.

The contract value excludes the cost of owner furnished equipment. The vessels ordered are two 45-meter multi-purpose anchor handling tugs and one 67-meter anchor, handling, towing and supply vessel (or AHTS).

The two tugs, each with 4,200 bhp, are expected to be delivered in the second half of the financial year ending August 31, 2005 while the 8,000 bhp AHTS is expected to come onstream in the first half of FY2006.

Lionel Lee, Managing Director of Ezra Holdings, said the newbuilding orders were driven by firm demand in the oil and gas sector.

"Ezra does not participate in speculative newbuildings," he said. "Growing our fleet as well as maximizing the efficiency of our existing vessels is part of our growth strategy."

Ezra intends to fund the three newbuildings through a combination of internal funds and bank borrowings.

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