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>

<< Feb 2017 >>
MTWTFSS
30 31 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 1 2 3 4 5

MEOS 2017

The conference typically features over 300 high quality technical presentations, a series of panel sessions led by presidents, vice presidents…

read more >

AOG 2017

The Forum will begin directly after the SUT Subsea Controls DownUnder Conference, drawing a wider audience for our suppliers.This event…

read more >

40th Annual Offshore Pipeline Technology Conference 2017

The conference will cover areas like discuss on pipeline integrity management and life extension strategies for better operational outcomes…

read more >

SNS2017 – The Southern North Sea Conference & Exhibition

EEEGR’s flagship Southern North Sea conference is taking place over two days at the Norfolk Showground Arena in Norwich.

SNS2017 is expected to attract upwards of 700 delegates from across the industry and supply chain.

Key industry players will gather at this event to discuss and debate issues, network to make new business contacts and re-establish relationships with existing clients.

More info

read more >