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Marine Log

May 7, 2008

Ezra orders two OSV newbuilds

Singapore's Ezra Holdings Limited (SIN:5DN has ordered two new vessels totaling S$95 million (about US $95 million).

Ezra expects to finance its fleet expansion through a combination of internal funds and bank borrowings. Both contracts are solely for the fabrication of hull construction and do not include the owner-furnished equipment, such as the engines and cranes

The first contract, worth S$69 million (US$51 million), was awarded to Keppel Singmarine Pte Ltd, to construct a 30,000 brake horsepower (bhp), Rolls-Royce designed UT788 CDL model, Multi-Functional Support Vessel (MFSV), an upgrade from the current two UT788s being built in Drydocks World, Singapore.

To be delivered in 2010, it will join Ezra's fleet of four other deepwater MFSVs on order which will spearhead the Group's move into harsh environment deepwater offshore support services work. The other MFSVs are slated to be delivered in 2009 and 2010.

This latest MFSV can accommodate 100 personnel at any time, will have a bollard pull in excess of 300 tonnes and DP3 3 capability, which enhances the vessel's redundancy such that overall operations will not be affected in the event of fire or flooding in one part of the vessel. In addition to deepwater anchor handling, towing and supply operations, the vessel will be able to carry highly hazardous liquids, as well as perform deepwater well-installation and well intervention services.

Ezra has also ordered a new twin-screw DP2 anchor handling tug supply vessel (AHTS) from Singapore Technologies Marine Ltd for S$26 million (US$ 19.1). The AHTS is designed for multi-purpose roles and operations inunrestricted waters, with capabilities ranging from anchor handling, transporting liquid cargo for supply runs, towing and mooring drilling rigs, standby and rescue services as well as external fire fighting. Its excellent manoeuvrability and station keeping is achieved using twin controllable pitch propellers, twin rudders and transverse bow and stern thrusters linked to a DP-enabled joystick control.

Ezra's Managing Director, Mr Lionel Lee commented: "In line with our long-term goals, we are adding swiftly to our deepwater offshore support services capability. Our fleet of five MFSVs will spearhead our move into the buoyant offshore O&G sector in the North Sea, South American and West African markets for harsh environment deepwater offshore support services work."

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