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January 17, 2006

Singapore's Ezra orders deepwater AHTS

Singapore's Ezra Holdings Ltd today announced that wholly owned subsidiary, Lewek Shipping Pte Ltd has ordered two new, deepwater equipped, multi-purpose anchor handling, towing and supply vessels (AHTS) for S$65.3 million (US$40 million), excluding the cost of certain owner furnished equipment.

The two 70-meter 12,000 brake horsepower (bhp) AHTS will be Ezra's first two vessels for delivery in financial year ending August 31, 2008. The contract has been awarded to Pan-United Marine Limited.

In FY2007, Ezra will also be taking delivery of nine new vessels comprising two anchor handling tugs (AHT), six AHTS and a Heavy Lift Accommodation Pipelay Vessel.

"We remain committed to our fleet expansion program and our newbuilding orderbook is driven by strong demand from the offshore oil and gas sector," said Mr Lionel Lee, Ezra's Managing Director. He added: "We continually invest in a range of vessels for both deep and shallow water support work so that we can better meet customer demand."

Ezra has built up a strong profit growth track record since its public listing in August 2003. In FY2005, Ezra reported a 138% rise in Group net profit to S$36.1 million (US$22.1 million).

Ezra says it continues to build on its fleet size as well as its range of offshore support capabilities. By end FY2008, the fleet under management and operation will grow to 32 offshore support vessels with a strong deepwater E&P support services capability.

Ezra operates one of the youngest fleets of specialized vessels serving Asia's buoyant offshore oil and gas industry.

Pan United Marine says the new contracts will lift its orderbook to a record volume, with 17 vessels to be delivered over 200608, and value of about S$400 million (US $245 million).

The PUM Group owns and operates two shipyards: Pan-United Marine Limited in Singapore; and under PT Pan-United Shipyard Indonesia in Tanjung Uncang, on the northwest coast of Batam, Indonesia.