MAY 2, 2013 — Singapore headquartered Ezra Holdings Limited reports that its subsea division, EMAS AMC, has been awarded a subsea engineering, procurement and offshore construction contract from Norway's Statoil for the Smørbukk South Extension project. The contract is valued at approximately US$75 million.

Mr. Lionel Lee, Managing Director of Ezra Holdings, said: "We have been investing heavily in building up our global engineering expertise as well as technologically advanced and game-changing assets. This has borne fruit and I am extremely pleased with this latest win by Ezra. It demonstrates an ever growing confidence in our project execution capabilities and validates Ezra's global subsea strategy."

Discovered in 1985, the Smørbukk South Extension holds estimated recoverable reserves of 16.5 million barrels of oil equivalent, and will be developed with a new subsea template connected to existing infrastructure in the area. The contract scope includes the engineering, procurement, construction and installation of flexible flowlines, tie-in spools, manifold and umbilical as well as associated abandonment and removal activities.

Mr. C.J. D'Cort, CEO of EMAS AMC, said: "This award is a strong validation of our relationship with Statoil in the North Sea. With this latest project addition we continue the steady growth of our global EPCI project portfolio and I would like to compliment our regional team for securing another winning solution in one of the most challenging operating environments in the world."

Offshore activities will commence in Q2 2014 and the project is expected to last through 2015. The contract will be managed out of EMAS AMC's Oslo office.

Mr. Svein Haug, Regional Head of EMAS AMC (Europe and Africa), said: "We are extremely pleased with our involvement in this development for Statoil in the Norwegian Sea. The Smørbukk South Extension project requires some complex engineering expertise, and we are keen to deliver another successful project to a key customer in the region."