Kreuz scores US$6.2M subsea installation contract in South Asia

The deal is the subsea service provider’s second contract win in less than four months since its SGX listing.

Kreuz inked the deal with a leading offshore construction company in the oil and gas business located in the South Asia region.

The scope of work comprises subsea transportation and installation works, which is scheduled to be completed by Q2 2011.

Kurush Contractor, Executive Director and CEO of Kreuz Holdings, said, “We shall continue to actively pursue subsea projects with the Swiber Group and third parties so as to build up a healthy order book which amounts to approximately US$ 115 million as of November 11, 2010.”

“Our Group will continue to actively monitor growth opportunities that the present trend in the oil and gas industry offers. In addition, we shall continue to leverage on our strong relationships with end-customers to strengthen our portfolio and track record in the industry,” he said.