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November 22, 2010

Ezra to add four platform supply vessels to fleet

Singapore's Ezra Holdings Limited says it will add four high-end multi-purpose platform supply vessels (PSV's) to its fleet in the light of the positive outlook for the offshore oil and gas sector. It says the investment of approximately US$130 million underlines its commitment to strengthening the capabilities of its core businesses and driving its next growth phase.

The four multi-purpose PSV's of up to 5,200 dwt will be purchased over the next two years and will meet the latest safety and oil recovery guidelines.

Ezra's positive feelings no doubt got a boost from $51 million worth of letters of intent and letters of award collected by EMAS Offshore, its offshore support services operating unit, covering the charter of five anchor, handling, towing and supply (AHTS) vessels and a PSV to oil majors and national and independent oil companies for operations in Asia and Australia. The average period for these new charters exceed two years.

Ezra' Managing Director, Mr. Lionel Lee, said: "We are currently fortifying our key offshore support, deepwater subsea and engineering services units in preparation for our next leg of growth, which will see Ezra becoming a truly global player in the offshore O&G sector."

Today's announcement comes closely behind the news of Ezra's purchase of a fabrication facility [the former Goodcrane facility] in Houston, that it expects to anchor its position as a global O&G engineering services provider.

Ezra is pursuing a $250 million acquisition of Aker Marine Contractors, which it says will see it join the ranks of the world's top players in the subsea services sector and which will make Aker Solutions a major Ezra shareholder.


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