Reports » Singapore

Ezra Subsea Arm Inks US$165m Contract
Ezra Holdings’ subsea services arm, EMAS AMC, has secured a US$165 million ($206 million) engineering, procurement, construction and installation (EPIC) contract from Det norske oljeselskap, a key exploration and drilling operator on the Norwegian Continental Shelf. The contract is for rigid pipe-lay and related subsea work, in the Ivar Aasen field in the Norwegian North Sea. The contract also has an option for EMAS AMC to procure and install a subsea power cable connecting the neighbouring Edvard Grieg platform to the Ivar Aasen platform. Project management and engineering work will commence immediately and will be managed from EMAS AMC’s office in Oslo. Offshore activities are scheduled to commence in 2015, with completion in 2016.

Significance: The project is located in the Ivar Aasen field, one of the largest oil discoveries on the Norwegian Continental Shelf in recent years. More importantly, this win enhances EMAS AMC’s growing status as a major subsea player in the North Sea.

Sunright Sank Into The Red
Sunright, a provider of advanced semiconductor test and burn-in services, suffered a net loss of $3.4 million for the half year ended 31 January 2013, from a net profit of $1.4 million a year ago. Revenue for the half year fell 6 percent to $46.1 million attributed to weaker demand across all business segments. The loss was further exacerbated by an impairment loss on property, plant and equipment of $1.5 million as well as a 44 percent drop in share of results of associates. “All segments within our business recorded lower sales. This was due to a softer semiconductor market….However, we remain cautious and will focus on building operational capabilities and improving productivity” said Sam Lim, executive chairman & chief executive officer of Sunright.

Significance: Despite lower performance, Sunright remains cautiously optimistic and expects the semiconductor industry to grow modestly in 2013 by 4.5 percent to US$311 billion. The firm further added that it sees windows of opportunities within the industry, such as in smart phones, media tablets and cars.

CNA Enters Into MOA With Thai Property Developer
CNA Group announced that it has inked a memorandum of agreement (MOA) with West East International, a Thai property developer to collaborate in property projects in Thailand. West East International is a subsidiary of Le Raffiné, a real estate agent and financial consultancy company, principally engaged in facilitating the selling and renting of properties, especially the Le Raffiné brand of luxury condominiums. According to the news release on SGX, West East International has extensive knowledge of the local market and business landscape and is able to deliver a full suite of professional property management services, including sales, lettings, property investment, real estate financing, securitization, and business development throughout Thailand.

Significance: The strategic partnership and collaboration gives CNA access to local expertise, an extensive business network and a wide range of solutions for new Japanese and other foreign parties interested in investing in and developing industrial, commercial and residential projects in Thailand.