Ezra provides more details on activity in North America - acquires jack-upNews // December 8, 2005
Singapore-based support vessel operator Ezra Holdings has provided more details about the expansion of its activities in North America.
On December 7th, Ezra announcd that the rights to an upgraded jack-up unit will be transferred to New Strong Group Limited (the 50-50 joint venture between KS Energy Services Limited and Ezra), which will in turn transfer those rights to KSES (USA) Inc for a consideration of US$44.5 million.
Working with a US-based oil and gas company, KSES (USA) Inc will charter the jack-up unit to support the offshore drilling operations of an international oil company in the Gulf of Mexico.
The contract spans six months with an optional six-month extension. The total value of the contract including the extension is approximately US$14.6 million.
In a statement the company said: "The contract reflects Ezra's commitment to being the preferred provider of global marine support and logistics services, not only in Southeast Asia but even in places as far as North America."
The contract is expected to have a positive impact on the Ezra Group's earnings per share or net tangible assets for the financial year ending August 31st 2006.