Ezra Holdings expects new subsea service contracts in Asia
Offshore services provider Ezra Holdings is eyeing $300m of new subsea service contracts in Asia by April 2012 as the number of deepwater drilling projects increase, Seatrade Asia reports.
Asia has increased deepwater drilling as the region's shallow water fields get depleted, according to Lionel Lee, managing director at Singapore-listed Ezra. “The deeper they go, the better it is for us. Most of the deepwater projects are in the US Gulf and the North Sea because they depleted their shallow water fields a long time ago,” Lee said at an industry conference. “But the depletion is starting to happen in Asia and we're seeing the growth coming from this region. We're bidding for a number of projects.” As at April 2011,
Asia has increased deepwater drilling as the region's shallow water fields get depleted, according to Lionel Lee, managing director at Singapore-listed Ezra. “The deeper they go, the better it is for us. Most of the deepwater projects are in the US Gulf and the North Sea because they depleted their shallow water fields a long time ago,” Lee said at an industry conference. “But the depletion is starting to happen in Asia and we're seeing the growth coming from this region. We're bidding for a number of projects.” As at April 2011,
Ezra's subsea orderbook stood at $276m spread over five contracts, including projects in the North Sea and the Mediterranean. The company does not have any projects in Asia. Lee added that the company's total orderbook target of $1bn by April next year is likely to be split equally between Asia, the North Sea and West Africa, and the US Gulf Coast.
