Kreuz Holdings bags $15.5m contracts

Completion pegged by third quarter of 2013.

In a release, Kreuz Holdings Limited (Kreuz), an integrated subsea service provider for the oil and gas industry, announced that it has been the recipient of subsea installation contract awards worth US$15.5 million for projects in Southeast Asia.

This comprises a US$10.0 million project from a thirdparty client, a leading offshore customer, and US$5.5 million contracts from the Swiber Group.

The US$10.0 million project is scheduled for immediate commencement with completion in the first quarter of 2013, while the US$5.0 million contracts are slated for commencement in the second or third quarter of 2013 with completion in the third quarter of 2013. 

Mr Kurush Contractor, Executive Director and CEO of Kreuz commented, “These positive wins are our first in this new year of 2013, and reflects Kreuz’s favourable standing in the oil and gas industry. Kreuz will continue to seek opportunities in winning new work to increase the Group’s order book, establish new relationships, and enhance our track record and utilisation of assets.”