Kreuz Holdings secures $25 million subsea installation contract

Second contract win for the year.

Singapore-listed Kreuz Holdings Limited (Kreuz), an integrated subsea service provider for the oil and gas industry, announced that it has secured a subsea installation contract in 2013 worth approximately US$25.0 million from a third-party client, who is a leading offshore contractor in the oil and gas industry.

Work for this contract, which will be executed in Southeast Asia, is scheduled for immediate commencement with estimated completion by the fourth quarter of this year.

Mr Kurush Contractor, Executive Director and CEO of Kreuz commented, “We are pleased to have secured this second contract of the year, in less than three months after the first contract win, also for execution in Southeast Asia. Not resting on our laurels, we will continue to intensify our marketing and bidding efforts towards enhancing our order book with a combination of subsea construction and installation, and IRM projects.”