Ezra Holdings bags 2 deals from Norwegian companies

One is at a whopping US$165m.

According to OCBC Investment Research, Ezra Holdings announced that its subsea services division, EMAS AMC, has won an engineering, procurement, construction and installation (EPCI) contract valued at about US$165 million from Det norske oljeselskap ASA.

Here's more:

This is the same customer that awarded Sembcorp Marine a S$900m EPC contract for an offshore platform topside in Feb this year. Ezra will undertake rigid pipe-lay and related subsea work, in the Ivar Aasen field in the Norwegian North Sea.

Project management and engineering work will start immediately with offshore activities in 2015. Meanwhile EMAS AMC has also won a contract (value undisclosed) from Statoil for the transport and installation of subsea templates for the Aasta Hansteen field in the Norwegian Sea.

Offshore transport and installation will take place in 2015. Pending more details on the second contract, we maintain our HOLD rating and fair value estimate of S$1.30 on Ezra.

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