Mermaid Maritime (DU4.SG) down 4.6% at $0.415 as oil & gas drilling group reports THB456.1 million ($19.9 million) loss for FY ended September vs THB714.5 million profit year earlier, warns of continued drag on bottomline by subsea unit.
Posts Tagged ‘subsea’
Kreuz +1.2%; Wins $8.1m subsea contract
November 18th, 2010 |
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Kreuz Holdings (5RK.SG) +1.2% at $0.440 vs $0.435 midday after subsea service provider for oil, gas industry, owned by Swiber (AK3.SG), announces Letter of Intent for subsea installation contract worth US$6.2 million ($8.1 million), signed with “leading offshore construction company…in the South Asia region.”
Work comprises subsea transportation, installation works, scheduled for completion 2Q11. CEO says this second contract win since SGX listing in July, orderbook at US$115 million as of November 11. Shares have fallen 13% since company Friday posted 3Q net profit +1.2% on-year at US$937,000.
Last order for US$7.6 million — won on Oct 6 — saw stock rise 5.6% in high volume of 27 million shares; more muted reaction likely today in generally low volume market (1.2 million Kreuz shares traded); indeed, orderbook suggests further upside unlikely, $0.450 firm near-term cap. Further out, $0.515 post listing high — touched 3 times — likely medium term resistance.
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Kreuz Holdings bags $10m subsea installation works contract
October 6th, 2010 |
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Kreuz Holdings, the subsea service provider for the oil and gas industry, today says that a subsea installation contract worth US$7.6 million ($10 million) was signed with a leading offshore construction company in the oil and gas business located in the Middle East. The scope of work comprises mainly of subsea installation works, which is scheduled to be completed by Q2 2011.
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Otto Marine unit takes 19.2% stake in US-based JV company Surf Subsea Inc.
June 25th, 2010 |
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Offshore marine group Otto Marine says wholly-owned subsidiary Surf Subsea has taken a 19.2% stake in the US-based joint-venture company, Surf Subsea Inc. which has acquired DMT Emerald, a 292-feet Class 2 DP MSV, for US$55 million ($76.5 million).
The vessel will enable the group to enter the US market for sub-sea and offshore construction works in addition to its current seismic activities, hence creating more growth opportunities for its new business arm: Specialised Offshore Service.
Mermaid Maritime units bags $15m subsea services contract with Chevron in Gulf of Thailand
February 25th, 2010 |
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Mermaid Maritime says wholly-owned subsidiary Mermaid Offshore Services, the provider of subâ€sea engineering services to the offshore oil and gas industry, has secured a three-year contract worth US$15 million ($21 million) to provide Chevron with call-out turnkey diving and remotely operate vehicle (ROV) services and turnkey saturation diving vessel services to support its oil & gas offshore facilities and offshore fields in the Gulf of Thailand.
Mermaid Maritime unit, KD Marine join forces to provide sub-sea services in Europe with Mermaid …
January 8th, 2010 |
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Mermaid Maritime Public Company, the offshore marine services and support company based in Thailand, says wholly-owned subsidiary Mermaid Offshore Services and KD Marine of Aberdeen have have agreed to cooperate to provide saturation, air diving, daughter craft and remotely-operated vehicle (ROV) services from the dive support vessel (DSV) Mermaid Endurer in Europe.
Ezra’s target price raised to $2.54 by CLSA, maintains buy
December 17th, 2009 |
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CLSA is maintaining Ezra Holdings (5DN.SG) at buy, raising its target price to $2.54 from $2.10 after upgrading its FY10, FY11 earnings forecasts by 10%, 11%, respectively, to factor in higher margins and lower finance costs.
The brokerage says the offshore support services company is “poised to ride the growth in deepwater exploration and surging demand for attendant subsea services” as it will take delivery of three subsea vessels in 2010.
Ezra acquires deepwater subsea company Intrepid Global
November 3rd, 2009 |
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Ezra Holdings, the integrated support and marine services provider in the offshore oil & gas (O&G) sector, says it has acquired Intrepid Global Pte. Ltd. (IGPL), a company specialising in the execution of deepwater subsea projects. Ezra did not say how much the acquisition cost.
Managing Director Lionel Lee says: “This acquisition is of special significance as it enables us to continue building up our subsea track record and further deepen our ties with the oil majors. Led by Mr Akerblom, IGPL’s extensive experience in deepwater subsea installations will complement our current capabilities and propel us towards our vision of becoming an integrated offshore solutions provider.”