Ezra expanding fleet

Singapore-based Ezra Holdings has earmarked $240 million to increase its fleet over the next two years in hopes of cashing in on strong demand for offshore support services in the oil and gas industry.

Ezra, which provides offshore support vessels to the oil and gas sector, expects to grow its fleet to 21 vessels by the end of its current financial year to August, by adding four AHTS vessels and four AHTs. It plans to add six more AHTS and two AHTs on the following year, bringing its fleet size to 30.

Ezra plans to fund a significant portion of its capex through the sale and leaseback of vessels. The company said 66% of the capital investment will be funded through the securitization of several vessels. It believes demand for offshore support vessels has become more constant and more stable as national oil companies continue to spend to build up oil reserves amid rising demand and prices.