Singapore’s Ezra Holdings (EZRA.SI) aims to triple its subsea orders for oil and gas services to around US$1 billion ($1.24 billion) in the next 12 months, a senior executive said, as the recently acquired Aker Marine Contractors would give it more muscle to boost the business.
Ezra said on Thursday it secured a deal worth around US$88 million with Noble Energy to provide subsea installation work for the Tamar project in the Mediterranean Sea. The project is expected to start in the second quarter of 2012.
Ezra said on Thursday it secured a deal worth around US$88 million with Noble Energy to provide subsea installation work for the Tamar project in the Mediterranean Sea. The project is expected to start in the second quarter of 2012.
The latest contract with Noble Energy had raised Ezra’s subsea services order book to US$254 million. Subsea relates to the exploration, drilling and development of oil and gas fields in underwater locations.
The firm had also inked a letter of intent for a project valued at up to around US$32 million to provide subsea support services to an international oil company for a floating storage facility in Africa.
“I would be disappointed if within 12 months we don’t bring the backlog up to close to US$1 billion. That would be our target,” Ezra managing director Lionel Lee told Reuters in an interview.
“We are bidding on so many projects globally. It’s no longer like before, where you looked at us as an Asia Pacific player,” he said, adding that he expects oil and gas demand to increase as the world may become more wary of nuclear energy risks.
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