Ezra orders multipurpose pipelay vessel

News - August 29, 2005

Emas Offshore Construction Pte Ltd, a subsidiary of Ezra Holdings Limited in Singapore, has awarded a contract to Labroy Shipbuilding and Engineering Pte Ltd for
the construction of a Pipelay, Accommodation & Maintenance Work Barge at a contractual value of approximately US$24.72 million (excluding the cost of certain owner furnished equipment).

The Heavy Lift Accommodation Pipeiay Vessel will be approximately 142m long with a breadth of 40m, and will have pipelay capabilities plus a 800 tonne heavy lift mast crane and DP2 dynamic positioning system, along wiht the ability to accommodate up to 350 personnel.

The DP2 system will enable the vessel to undertake subsea construction work in deep
waters in excess of 1,000m.

Under the terms of the contract, the Heavy Lift Accommodation Pipeiay Vessel is expected to be delivered by the first half of the financial year ending 31 August 2007.

Ezra has also announced that it has entered into a a joint venture with KS Energy Services Ltd for the new vessel, under which KS Energy will supply various equipment and machinery to be installed or utilised on board.

KS Energy intends to acquire a 25 per cent stake in the issued and paid-up capital of
Emas whilst Ezra is currently in talks with another potential joint venture party,
with a view to that party acquiring a 30 per cent stake in the issued and paid-up capital of Emas.