Exxon Tries to Put the Worst Behind it With $20 Billion Writedown
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Singapore-based offshore contractor EMAS AMC, a subsidiary of Ezra Holdings, has been awarded major new contracts around the world resulting in an increased contract backlog of approximately $505 million.
Offshore West Africa, a letter of intent was signed for EMAS AMC’s flagship vessel the Lewek Constellation, along with the Lewek Express to execute a jacket and deck installation, as well as SURF and rigid pipeline installation. EMAS AMC notes the total value of that project to be upwards of $120 million.
Two other contracts were awarded in the Gulf of Mexico with a combined value of US$53 million, however the details of the contracts were not provided.
The fourth contract consists of a USD $126 million transport and floater installation project for two Floating Storage Units (FSUs), with an option for a third, from Statoil for their Heidrun and Mariner fields.
Heidrun Field and Mariner Field operations by EMAS AMC are expected to begin in mid-2014 and mid-2015 respectively.
“To continue our strong momentum, we are now steadily seeing the results from our increased activity in Africa, the Gulf of Mexico and the North Sea,” said Mr Lee. “EMAS AMC is gaining increased traction and market recognition and in the near future, we will be able to gain further market share with additional project enabling assets such as the Lewek Centurion, Lewek Express and Lewek Constellation, which are all coming
into service relatively soon.”
In addition to these contract wins, EMAS Marine has been awarded five time charter contracts for a Platform Supply Vessel (PSV) and four Anchor Handling, Towing and Supply (AHTS) vessels. These charters average 2.2 years and will be carried out in the Asia Pacific region. According to EMAS AMC, they are worth a total of US$102 million (including options).
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