Kreuz Holdings Wins Subsea Installation Services Contract (Singapore)

July 27, 2012

Kreuz Holdings Limited, a subsea service provider for the oil and gas industry, announced that it has won a contract worth approximately US$13 million from a leading offshore company in the oil and gas business to provide subsea installation services in Southeast Asia. The work is scheduled to commence in the third quarter of 2012 for a duration of approximately three months, with option for further extension.

Mr Kurush Contractor, Executive Director and CEO of Kreuz, said: “We are pleased to win this third-party Southeast Asian project with our recently acquired construction class diving support vessel. The win attests to our strong capabilities and proven track record in the subsea industry. We shall continue to strive to deliver to our clients safe and quality services, thereby establishing the “Kreuz” brand as a dependable name in the industry.”

“With our in-depth understanding of and unparalleled experience in subsea installation in Southeast Asian waters, we will continue to provide quality services to both the Swiber Group and third-party clients.”

Kreuz Holdings is a subsea solutions provider for the oil and gas industry. The Group’s origin can be traced to July 2008 with the establishment of Kreuz Subsea Pte. Ltd. as the subsea services division of the Swiber Group. The Group provides quality performance and cost effective subsea solutions, through main contractors, to end-customers who are generally major oil and gas companies.Subsea services include activities supporting new offshore installation and construction projects, as well as inspection, repair and maintenance (“IRM”) of existing offshore production and pipeline facilities.

Kreuz Holdings is focused on providing subsea services for installation and IRM projects, primarily in the Southeast Asia and India offshore markets. By having its own operating assets, the Group is able to better manage and deploy its resources to undertake a balanced mix of installation and IRM projects.

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Subsea World News Staff , July 27, 2012; Image: Kreuz