Singapore: Kreuz Bags USD 142 mln Subsea Gig

Singapore Kreuz Bags USD 142 mln Subsea Gig

Kreuz Holdings Limited, a subsea service provider for the oil and gas industry, announced that it has secured a string of contracts worth approximately US$142 million from the Swiber Group for subsea installation works, and a third-party client for the provision of Remotely Operated Vehicle (“ROV”) services.

These services, which are to be performed largely in Southeast Asia, are scheduled to commence in the third quarter of 2012 with completion expected in the fourth quarter of 2013.

Mr Kurush Contractor, Executive Director and CEO of Kreuz, said: “We are pleased to win this fresh series of contracts worth approximately US$142 million, which are of significantly larger amounts as compared to last year’s contract wins, and will be primarily performed using our newly acquired asset where schedule permits. This achievement demonstrates our rising capability as a comprehensive and integrated subsea services provider to key offshore service providers in the oil and gas industry. We shall endeavour to ride on the buoyant offshore and marine industry, further strengthening the solid track record that we have achieved since listing about two years ago.”

These contract wins follow Kreuz’s strong financial results for the first quarter ended March 31, 2012 (“1Q2012”), where the Group reported revenue growth of 86% from US$26.1 million for the first quarter ended March 31, 2011 (“1Q2011”) to US$48.6 million for 1Q2012. Correspondingly, the Group recorded a 80% jump in net profit to US$10.3 million in 1Q2012 as compared to 1Q2011.

Mr Kurush Contractor added, “Kreuz will continue to ride on the momentum of growth with a two-pronged approach – remaining committed in our provision of top quality services and also exploring opportunities to acquire state-of-the-art deep and shallow water vessels. Whilst we remain focused in Southeast Asia and India, we are actively bidding for work in other regions such as the Middle East to strengthen and diversify the depth of our order book and customer base.”

Subsea World News Staff , June 12, 2012;  Image: Kreuz

Share this article

Follow Subsea World News

Events>

<< May 2016 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

EEMUA subsea engineering course: materials selection and corrosion control

This two and a half day training course is recommended for both discipline and project focused engineers from a variety of backgrounds who want to gain an understanding of the fundamental principles for selecting and specifying materials of construction for subsea equipment, and for corrosion control during deployment, commission and operation. The course is based on the EEMUA User Guide to subsea materials selection and corrosion control, EEMUA Publication 194.

It is operated in association with the Society for Underwater Technology (SUT). Permanent employees of EEMUA and SUT member companies are entitled to a 20% discount off the standard course fee.

More info

read more >

Offshore Technology Conference (OTC)

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific and technical…

read more >

All-Energy 2016

All-Energy is held in Glasgow annually. In its 15th year, it has firmly established itself as the UK’s leading renewable energy exhibition…

read more >

Offshore Arabia Conference and Exhibition

The event brings together Industry Professionals from all over the world to discuss the strategic, operational and technological developments…

read more >