Kreuz Holdings Limited, a subsea service provider for the oil and gas industry, has signed Letters of Intent for subsea installation contracts worth approximately US$4.8 million with a leading offshore company in the oil and gas business located in East Asia. Work is expected to commence in Q2 2011 and to be completed by Q3 2011.
In addition to the above contract wins from the third party, Kreuz has secured the subsea portion of the installation works from Swiber worth approximately US$20.0 million. These projects are located in Southeast Asia and South Asia. Work is expected to commence between Q2 2011 and Q4 2011 and to be completed by Q2 2012.
Mr Kurush Contractor , Executive Director and CEO of Kreuz Holdings, said: “ We are very pleased to have secured these contracts, marking the start of our contract win season for 2011. We will continue to target work in the subsea market for third party clients as well as leverage on our strategic relationship with the Swiber Group in order to secure more contracts.”
“ The fundamentals of the oil and gas industry are sound even though the subsea market is very competitive. The increasing global demand for oil and rising oil prices augur well for Kreuz as we anticipate an increase in demand for our subsea construction and installation services as well as our inspection, repair and maintenance (“IRM”) services .” Mr Contractor added.
About Kreuz Holdings Limited
Kreuz Holdings is a subsea solutions provider for the oil and gas industry. The Group’s origin can be traced to July 2008 with the establishment of Kreuz Subsea Pte. Ltd. as the subsea services division of the Swiber Group. The Group provides quality performance and cost effective subsea solutions, through main contractors, to end-customers who are generally major oil and gas companies. Subsea services include activities supporting new offshore installation and construction projects, as well as IRM of existing offshore production and pipeline facilities.
[mappress] Source: kreuz , April 25, 2011;