Offshore staff

SINGAPORE -- EZRA Holdings Ltd. is tapping into the fast-growing Middle East offshore oil and gas industry with charters worth up to $38 million. The charters begin in the second half of fiscal year 2007.

"Having set ourselves the goal of being a leading integrated offshore solutions provider, we broke into the Australian, Indian, and now the Middle Eastern market within half a year," says Lionel Lee, EZRA's managing director. "We want to seize opportunities for the attractive returns available in the Middle East and secure more contracts there."

The company's offshore chartering and construction divisions have secured written confirmations of intent from various parties to charter an accommodation work and crane barge, three anchor handling, towing, and supply vessels, and an anchor handling tug.

"Increasing oil exploration, coupled with recent discoveries of additional oil and gas reserves in the Middle East, is expected to generate significant demand for offshore support vessels there," Lee says. "We expect more charters for our modern fleet of offshore support vessels from the resultant demand surge for new tonnage to replace the global fleet of aging offshore support vessels."

EZRA has since signed its first charter contract for an FPSO worth up to $397 million, which was first announced on Oct. 9. With this vessel, the company will have 34 vessels under management by the end of fiscal year 2008.

12/13/2006