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Ezra boosts offerings by buying 'distressed' prices service equipment

Singapore: Asian integrated support and marine services provider in the offshore oil & gas (O&G) sector, Ezra Holdings Limited, has expanded the capacity of its Energy Services unit with various acquisitions of 'distressed' priced state-of-the-art energy service equipment worth a total of US$17.1 million.

These versatile and advanced models are designed to withstand harsh environments and temperatures as low as -20 degrees Celsius and can be deployed both onshore and offshore.  The acquisition of this equipment, accessories and spares is expected to greatly extend the unit's scope of services and increase Ezra's reputation as one of the leading providers of hydraulic workover and well intervention services in Asia.

Ezra md Lionel Lee said: "We have been on the lookout for opportunities to acquire quality assets at attractive prices to drive bottom-line growth. Sophisticated assets such as those that we have just purchased are hard to come by in Asia and will give us an edge in securing more contracts to grow our Energy Services business."

Approximately three months ago, Ezra acquired a shipset at distressed prices to design and build an ice-class flexlay vessel - a strategy expected to pay off by garnering a considerable premium in charter rates due to the scarcity of such vessels. In that same month, the Group also raised net proceeds of approximately US$97 million in their inaugural convertible bonds issue which will be used to fund new business opportunities and acquisitions.

On prospects,  Lee commented: "We expect deployment of our fleet and assets to remain high on the back of the positive outlook on the oil and gas industry, driven by firmer oil prices and upward revisions in capital expenditure by global oil majors. We also look forward to the delivery of the self-propelled jack up rigs and subsea-capable vessels which we are confident will propel us well ahead of our peers."  [11/01/10]


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