Ezra's US$17.1 million expansion

The acquisition of distressed energy equipment for US$17.1million is expected to extend the SGX-listed firm’s scope of services greatly.

The advanced models are designed to withstand harsh environments and temperatures as low as -20 degrees Celsius and can be deployed both onshore and offshore.

The marine and offshore company's Managing Director, Mr. Lionel Lee said: “We have been on the lookout for opportunities to acquire quality assets at attractive prices to drive bottom-line growth.

Sophisticated assets such as those that we have just purchased are hard to come by in Asia and will give us an edge in securing more contracts to grow our Energy Services business.”

According to a statement by Ezra, a scarce supply of such high-end equipment in Asia will widen the Group’s technical edge to secure more jobs.

On prospects, Mr. Lee commented: “We expect deployment of our fleet and assets to remain high on the back of the positive outlook on the oil and gas industry, driven by firmer oil prices and upward revisions in capital expenditure by global oil majors. We also look forward to the delivery of the self-propelled jack up rigs and subsea-capable vessels which we are confident will propel us well ahead of our peers.”