Kreuz bags total contracts worth over US$100mn

48% of the company’s 2011 contract wins are from third-party customers.

Kreuz Holdings Limited (“Kreuz”), a subsea services provider for the oil and gas industry, on Thursday announced that the Group’s order wins has increased to over US$100 million this year after securing its fourth subsea installation contract win this year worth approximately US$6.23million from a leading offshore company in the oil and gas business located in East Asia. The subsea installation works, which shall be performed in Southeast Asia, are scheduled to commence in 4QFY2011 with completion in 2QFY2012, according to a Kreuz report.

Mr. Kurush Contractor, Executive Director and Chief Executive Officer of Kreuz Holdings, said:

“We are very pleased to have secured our fourth set of contract wins this year, pushing total contract awards for FY2011 past the US$100 million mark.” 

“As major players in the oil and gas industry roll out their exploration and production projects, we endeavor to secure more projects and to continue to develop our customer base, targeting projects from third-party clients. Approximately 48% of our contract wins this year are from third-party customers, confirming our customers’ growing confidence in the Group among the open international market and the Group’s expertise and ability to deliver cost effective and quality solutions on time and on budget. We shall continue to build our track record towards delivering cost effective solutions, quality performance and timely executions. With a dependable team of skilled onshore and offshore professionals, we are confident of growing our Group’s portfolio as we continue to meet the stringent requirements of end-customers.”

Kreuz has secured to date, new contract wins amounting to US$100.03 million in FY2011 from oil and gas majors for subsea works in South and Southeast Asia.