Kreuz secures US$7.6mln contract for subsea installation

Deal to be added to company's US$132mln order book attributed to aggressive marketing and bidding.

Kreuz Holdings Limited (“Kreuz”), a subsea service provider for the oil and gas industry, has announced that a subsea installation contract worth approximately US$7.6 million was signed with a leading offshore construction company in the oil and gas business located in the Middle East. The scope of work comprises mainly of subsea installation works, which is scheduled to be completed by Q2 2011.

Mr Kurush Contractor, Executive Director and CEO of Kreuz Holdings, said: “This is our first contract win in just less than three months post-listing. Our intensified marketing and bidding efforts are starting to pay off and this will add to our existing healthy order book of secured contracts amounting to approximately US$132 million as at August 13, 2010.”

“In addition, leveraging on the positive trend in the oil and gas industry and our strong relationship with end-customers, we will continue to actively bid for new projects in Asia Pacific, India and Middle East where we see good growth potential.”

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