Saigon Shipyard rides offshore boom

Ezra Holdings Ltd.’s wholly-owned Saigon Shipyard Ltd., which is held via Ezra’s wholly-owned HCM Logistics Ltd., marked its successful break into the offshore fabrication market with the recent award of a fabrication and assembly contract worth $130.2 million. Part of the contract includes offshore transportation, installation and commissioning work in Southeast Asian oilfields, one of which was awarded by a major North Asian conglomerate.

Under the terms of the contract, Ezra will provide a range of services, including utilizing a jacket launch barge to transport and load out an offshore jacket, piles and bridges for a platform complex. The company is expected to deliver the projects by fiscal year 2010.

Ezra’s Managing Director Lionel Lee said, ???As Singapore’s first regional offshore support services player to establish a local shipyard presence in Vietnam, Ezra is well-placed to ride the up wave of energy exploration and production activities in the South China Sea. The yard is expected to come fully on-stream in 2009 and will strengthen our competitive position as a leading provider of integrated offshore support services, especially in Asia. Also, we foresee that Saigon Shipyard will become an increasingly significant contributor to Ezra’s bottom line.??