Ezra wins $88m subsea contract

Ezra Holdings' subsidiary has secured a $88m new subsea and offshore services contract from commodities firm Noble Energy, Seatrade-asia reports. EMAS, the operating brand for Ezra, will install approximately 330km of umbilicals and subsea equipment, and deliver subsea suction piles and jumpers for the Tamar development in the Mediterranean Sea (Tamar Project). The Tamar Project is expected to start work in the second quarter of 2012. “This latest subsea contract has increased our total order book to more than $250m,” said Lionel Lee, managing director of EMAS. In addition to the subsea contract, EMAS has also won a letter of award/intent for a project worth up to $32, from an international oil major to provide subsea support services for a floating storage facility in Africa. Meanwhile, Ezra has reported higher revenue but lower net profit in the first-half of financial year 2011. Revenue rose 29% year-on-year to $174.8 million due to growth in the offshore support services division and the subsea services division. Higher administrative and financial expenses have resulted in lower net profit of $21.3m in the first six months, compared to $28.8m for the previous corresponding period.