Ezra 1 (May 08 - Dec 09)

[iam802]

Congrats to all Ezra shareholders.

[Aspellian]

just vested.
ezra broke through $2.05 on high vol. line of least resistance. recent drop in prices either low vol or close on high. market on uptrend. oil price breaching $80. interesting storyline to tell the world of its US$1Billion contract - at least will make it to BT/ST front backpage + its Ice maiden project.
should be nice story to read and may hook a few investors and hopefully some funds too.
will ride the wave while it last - if there's any wave in the first place....

concerns
Legg mason sold down recently. market distrbution days high. oil price high at US$80, not sure sustainable or not. once market break, will be ugly (yes, it has been said and repeated since the ages of H&S in May 09).

be careful everyone.

_________________
Ezra Holdings Limited (Ezra, the Group or 以斯拉控股), Asia‟s leading integrated support and marine services provider in the offshore oil & gas (O&G) sector, announced that its construction and production arm, EOC Limited (EOC), has secured its largest ever contract from Premier Oil to operate a new Floating Production, Storage and Offloading vessel (FPSO) for Vietnam‟s high-profile Chim Sao oil project.

The contract is worth up to approximately US$527 million for the primary term of 6 years and up to approximately US$477 million for the remaining option period of up to 6 years. Together with a Vietnamese partner, EOC will operate its second FPSO to perform oil and natural gas liquids processing and water injection in the Chim Sao field. Production is expected to begin in the second quarter of 2011.

Ezra‟s Managing Director, Mr Lionel Lee (黎才德), said, “This landmark deal attests to EOC‟s capabilities and underpins the Group‟s position as one of the world‟s premier integrated offshore oil & gas support services providers. Ezra‟s Engineering and Fabrication division is expected to contribute its engineering expertise in offshore mooring and installation and the fabrication facilities in Vietnam to the project.

“We are on track to steadily build up our recurrent income base from long term charters even as the Group develops its expertise in deepwater subsea work and expands its geographic market reach.”
The Group‟s second FPSO will be converted from a 168,000 deadweight tonne oil tanker, and will have a production capacity of 50,000 barrels per day.

Ezra has widened its lead in the sector, being one of the few in the world to offer integrated transportation and engineering solutions across a wide spectrum of the offshore O&G supply chain, covering the entire life cycle of an oilfield. Adding to its edge is the recent purchase of a ship-set from the Ice Maiden project at „distressed‟ prices which allows the Group to tap project possibilities in glacier-filled parts of the world.

Just last week, Ezra announced a set of impressive results for its full year ended 31 August 2009. Group net attributable profit (PATMI) increased by 80% year-on-year (yoy) to US$70.1 million (excluding the previous year‟s one-off gain) and revenue rose 23% to US$329.4 million, driven by its three core divisions. Since its IPO in 2003, Ezra has grown its PATMI from operating activities from US$6.0 million to US$70.1 million, representing a compound rate of over 60% per annum.

[winston]

EZRA HOLDINGS - Ezra Holdings said it will issue $100 million worth of convertible bonds due 2014 through bookrunner DBS . The bonds will carry an interest rate of 4 percent per annum.

The issue came a day after Ezra's Norwegian unit EOC won a six-year contract from Premier Oil worth around $527 million to operate an oilfield production vessel on the Chim Sao offshore project in Vietnam.

Source: Reuters

[Aspellian]

vested

Ezra unit wins contract worth up to US$1b
EOC strikes the deal with Premier Oil to operate storage, offloading vessel
By VINCENT WEE

EZRA Holdings' construction and production unit EOC has clinched a contract potentially worth up to about US$1 billion from Premier Oil to operate a floating production storage and offloading (FPSO) vessel for the Chim Sao field offshore Vietnam.

The contract is worth up to US$527 million for the primary term of six years and as much as US$477 million for the remaining option period of up to six years. Together with a Vietnamese partner, EOC will operate its second FPSO to perform oil and natural gas liquids processing and water injection in the Chim Sao field. Production is expected to begin in the second quarter of 2011.

'This landmark deal attests to EOC's capabilities and underpins the group's position as one of the world's premier integrated offshore oil and gas support services providers. Ezra's engineering and fabrication division is expected to contribute its engineering expertise in offshore mooring and installation and the fabrication facilities in Vietnam to the project,' said managing director Lionel Lee.

'We are on track to steadily build up our recurrent income base from long-term charters even as the group develops its expertise in deepwater subsea work and expands its geographic market reach,' he added.

However the path to the relatively new area of FPSO operation has not been trouble-free for EOC. According to industry website Upstream, EOC said in its latest quarterly results that it is still not earning revenue yet from its first FPSO, the Lewek Arunothai, at Thailand's Arthit North field.

The vessel is 'under commissioning' and is expected to contribute positively to revenue and earnings from FY2010 onwards, EOC was reported as saying.

EOC took delivery of the vessel last June and immediately announced a US$400 million three plus two-year contract that was supposed to contribute positively to bottomline from FY09.

The FPSO seems to have been plagued by installation and commissioning problems and was also reported to be in the commissioning phase at its third quarter results in July. EOC said then that contributions would come in by the end of August.

Ezra's second FPSO will be converted from a 168,000 deadweight tonne oil tanker, and will have a production capacity of 50,000 barrels per day.

In May, Ezra raised $92.4 million through the placement of new shares and it has been selectively taking opportunities to expand.

Ezra shares closed 10 cents higher at $2.09 yesterday, among one of the top five traded counters.

[Aspellian]

EZRA HOLDINGS - Ezra Holdings said it will issue $100 million worth of convertible bonds due 2014 through bookrunner DBS . The bonds will carry an interest rate of 4 percent per annum.

The issue came a day after Ezra's Norwegian unit EOC won a six-year contract from Premier Oil worth around $527 million to operate an oilfield production vessel on the Chim Sao offshore project in Vietnam.

Source: Reuters

interesting. MW's crystal ball light up even before Ezra announced above. only consolation is that Swiber's deal is 5% p/a vs Ezra 4% p/a.

Will be watching keenly. if market reversed, i sell. will be on a tight stop-loss too. if Ezra dropped on high vol to below $2 to $2.05, i sell too. US market doing humpty dumpty again.

[Musicwhiz]

I have divested my entire stake. The EGM and results were a warning to me which I should have taken.

Will blog about the reasons and rationale soon.

Cheers.

[ichew]

more lunch time announcement.
seems their convertible-bonds r 5x over-subscribed

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

Aspellian, same here .. gg to keep a very tight loss

[Aspellian]

not vested.
good luck to those holding. see whether Ezra can sail against the oncoming storm and emerged unscathed like capitaland and sembmarine.

[Musicwhiz]

Dear all, I have fully divested Ezra and my reasons, rationale as well as an update of recent events relating to the Company have been posted on my blog. Kindly feel free to leave comments and constructive criticism. Thanks !

[ichew]

not vested.
good luck to those holding. see whether Ezra can sail against the oncoming storm and emerged unscathed like capitaland and sembmarine.

not vested too ... and ouch
seems like ezra cant sail against the storm