Ezra secures rights to jackup

Ezra confirms that the rights to an upgraded offshore jackup unit will be transferred at cost to New Strong Group Ltd. (the 50:50 joint venture between KS Energy Services Ltd. and Ezra), which will in turn transfer those rights to KSES (USA) Inc. for a consideration of $44.5 million.

Offshore staff

(US, GoM) - Ezra confirms that the rights to an upgraded offshore jackup unit will be transferred at cost to New Strong Group Ltd. (the 50:50 joint venture between KS Energy Services Ltd. and Ezra), which will in turn transfer those rights to KSES (USA) Inc. for a consideration of $44.5 million.

Working with a US-based oil & gas company, KSES (USA) Inc. will charter the offshore jackup unit to support the offshore drilling operations of an international oil company in the Gulf of Mexico. The contract is for 6 months with an optional 6-month extension. The total value of the contract including the extension is approximately $14.6 million.

Ezra says this contract reflects the company's commitment to being the preferred provider of global marine support and logistics services, not only in Southeast Asia, but also in North America.

12/07/05

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