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    Ezra Holdings secures new charters - continues to invest in new vessels

    Vessel & ROV News // November 23, 2010

    Ezra Holdings Limited is to add four high-end multi-purpose PSVs to its fleet in the light of what the company called "the positive outlook for the sector." An investment of approximately US$130 million underlines its commitment to strengthening the capabilities of its core businesses.

    At the same time, the Group has also announced that EMAS Offshore Pte Ltd, the Group's operating entity for offshore support services, has secured Letters of Intent and/or Letters of Award for approximately US$51 million worth of new contracts which will see five AHTS and a PSVs chartered to oil majors, national as well as independent oil companies, for operations in Asia and Australia. In aggregate, the average period for the new charters will exceed two years.

    Lionel Lee, Ezra's Managing Director, said: "We are currently fortifying our key offshore support, deepwater subsea and engineering services units in preparation for our next leg of growth, which will see Ezra becoming a truly global player in the offshore O&G sector."

    "The offshore support services division brings in steady cashflow and remains integral to the group's overall operations. The latest contracts will keep the overall fleet utilisation high, reflecting the underlying positive tone of the industry. As we grow our fleet, we expect to enjoy rising recurrent income from the charters of our young and technologically advanced vessels."

    The US$130 million will fund the acquisition of four multi-purpose PSVs of up to 5,200 dwt  over the next two years. These vessels will meet the latest code of safety and oil recovery guidelines.

    The Group also recently announced the purchase of a well-equipped US fabrication facility in Houston, Texas. This comes shortly after the announcement of Ezra's proposed US$250 million acquisition of Aker Marine Contractors.


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