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    Ezra Holdings places repeat order at Karmsund

    Vessel & ROV News // October 30, 2007

    Ezra Holdings has ordered a second VS490 from Karmsund.

    Ezra Holdings Limited has announced the award of a contract for a second large Vik-Sandvik-designed VS490, 27,000bhp Multi-Functional Support Vessel (MFSV) to Karmsund Maritime Service AS in Norway.

    This follows its earlier contract for a similar MFSV, which was finalised six weeks ago.

    The repeat order has been contracted at the same price - NKr 620 million - as the first MSFV.

    Like the earlier vessel, the new MFSV is designed with features such as a ROV hangar and an 'A' frame, which will allow the vessel to carry out well intervention and subsea installation services.

    The two-of-a-kind pair will be delivered in Ezra Holding's FY2010, with the first vessel in the first half of 2010 and the second one about six months after.

    Capable of achieving a bollard pull in excess of 300 tons, these vessels are customised to meet the stringent environmental protection requirements for operations in the North Sea, and provide ultra-deepwater anchor handling in depths up to 5,000m.

    Said Ezra's Managing Director Lionel Lee: “Ezra is the first offshore support services provider in Asia with the vision and valor to venture into the deepwater space. As offshore oil exploration moves into deeper waters, there will be strengthening demand for large size MFSV. We have grown our fleet and service capabilities strategically to capture the growth in this niche sector and are well positioned to reap the high earnings yields.”

    The vessel will be equipped for various offshore duties, including offshore construction; subsea installation; ROV interventions; IMR; deepwater anchor handling in depths to 5,000m; towing; supply runs; standby and rescue; and tanker assistance.

    Ezra recently set up a global sales office in Aberdeen to tap into the flourishing oil and gas exploration and production markets in the North Sea, Africa and the Americas.

    Last week, the Group posted full year FY2007 results with net profit at S$104million. This not only marked its fifth consecutive year of record profits but also surpassed all market expectations.

    The Group currently manages 26 vessels and expects delivery of 11 more vessels by 2010, including two 30,000bhp Rolls-Royce designed MFSV.


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