Apache Awards EMAS Subsea Installation Contract for Coniston Field Offshore Australia

SINGAPORE, 28 February 2012 – EMAS AMC, the subsea division of Ezra Holdings Limited (“Ezra”), today announces that it has been awarded a contract by Apache Energy Limited to perform subsea transport and installation work for the Coniston Field Development located in Northwest Australia. The base scope for the contract works is currently approximated to be up to US$70 million with various potential add-on work scope options of up to US$30 million in additional contract value. The contract will be managed mainly out of the EMAS AMC’s Perth office with support from the Singapore office.

“We are extremely pleased and proud to have been selected by Apache for this interesting project. This contract marks another important milestone for EMAS AMC in the Asia-Pacific region, combining our regional expertise, our reputable engineering capabilities and our modern fleet of construction assets to deliver an attractive SURF solution to Apache,” says C.J. D’Cort – CEO for EMAS AMC.

The scope of work for the project includes the transportation and installation of PLEMs (pipeline end manifolds), manifold, umbilicals and flexible flowlines in addition to spool fabrication and recovery of two existing flow-lines in approximately 380 meters of water depth. EMAS AMC will execute the project management, engineering, transportation and subsea installation works for the project. Engineering and planning activities for the project will commence immediately with the offshore installation operations scheduled to commence around the first quarter of 2013.

EMAS AMC also recently secured a 2014 contract extension for their umbilical installation vessel for operations in Europe. With these latest awards, EMAS AMC has now achieved its US$1 billion short-term order book target that was set after the completion of Ezra’s acquisition of Aker Marine Contractors AS in March 2011.

“We set a 12-18 month target for our subsea/offshore construction business less than a year ago and we have now achieved this ahead of schedule. This shows the acceleration of activities in the subsea sector and the success of our integrated subsea division which has benefited from these strong sector trends,” says Lionel Lee, Group Managing Director of Ezra.