shipowner of the year
Expanding Singaporean group passes 20-year milestone
annual conference & awards
“As we begin to reap the benefits from our long-term strategy to move into subsea engineering and project management launched about three years back, we are seeing remarkable progress for the Ezra group,” said Mr Lee. “Not only have we managed to complete the integration of the subsea business in just 18 months, we have also turned the division around during the same period.
Winner Shipowner of the Year
The winner of the Shipowner of the Year Award at the 2013 Annual Offshore Support Journal Conference is a Singaporean company that now operates worldwide
which was sponsored by DVB Bank, is presented to a company which, above all other companies, has shown excellence in the operation of its vessels and has, in the past year, demonstrated an exemplary record of achievement in the management of one or more of: business development; safety; quality; efficiency; and environmental sustainability. The winner of the award was EMAS Group, part of Ezra Holdings, whose founder, KS Lee, also received the Lifetime Achievement Award at this year’s event. Founded in 1993, the group now has revenues approaching the billion dollar mark. Although Lionel Lee, the company’s managing director, described 2012 as a challenging year for the company and for the global economy, last year saw EMAS “remain focused on its vision”, said Mr Lee, and this was reflected in numerous contract wins and in the company’s year-end financial results. Particularly noteworthy was a threefold increase in turnover for the company’s subsea services division from US$179.5 million the year before to USD$551.6 million, a surge in revenue that was largely attributable to the successful integration of the subsea services operations under EMAS AMC, which was acquired in March 2011.
T
www.osjonline.com he Shipowner of the Year Award,
Another recent milestone was the successful debut of Triyards on the mainboard of the Singapore Exchange Securities Trading Ltd (SGX-ST). “An indication of our confidence in the established track record of Triyards, the listing allows it financial independence to tap into the capital markets for future growth while strengthening its market position,” said Mr Lee. “As Ezra continues its focus on the subsea and offshore support services divisions, it can still benefit from the growth of the Triyards group through its 67 per cent majority control, which will
allow both companies
to pursue growth opportunities separately whilst offering greater value and investment flexibility for shareholders,” he explained. As Mr Lee noted, by early 2014 EMAS AMC
will also have at its disposal another highly capable and flexible
pipelay vessel, Lewek
Constellation, a vessel that the company believes is unique in a number of respects, not least in its ability to change out pipelay reels whilst at sea, using its heavy-lift crane. Capable of undertaking pipelay projects in water depths exceeding 3,000m, Lewek Constellation is an ice-classed, dynamic positioning class 3 (DP3), multi-lay vessel with heavy-lift capabilities. It will be able to carry 800 tonnes of pipe, and has been designed to have a high transit speed. The multi-lay system can support both rigid and non-rigid pipelines, and the vessel will also be fitted with a 3,000-tonne heavy- lift crane. It will have a deck area of in excess of 4,000m2 (without reels), two 400-tonne retractable tensioners and a 900-tonne hang- off clamp, can lay rigid pipe with an outer diameter of 4-16in and rigid pipe of 4-24in outer diameter, store four reels of rigid pipe and two carousels for flexible pipe, has two 600-tonne traction winches that are capable of being used in tandem, and has accommodation for more than 230 people. It will also carry two work-class remotely operated vehicles
Lionel Lee, group managing director, accepts the award from Geir Sjurseth of DVB Bank
(ROVs) which are launched from hangars with dedicated moonpools. As Mr Lee also noted, the group continually seeks to enhance shareholder value and capitalise on what he described as “tremendous growth prospects”, and the group is engaging in active management of its capital structure and resources to maintain financial flexibility. In an effort to strengthen its balance sheet, diversify sources of funding and extend the group’s debt maturity profile, it also recently issued S$200 million (US$160.4 million) in fixed-rate notes and another S$150 million (US$120.3 million) in fixed-rate subordinated perpetual securities under the group’s US$500 million multi-currency debt issuance programme. In line with the group’s growth aspirations
and global expansion strategy, Ezra has also made several changes to its board. Founder KS Lee retired as executive chairman at the company’s annual general meeting in December. However, he remains as a non- executive, non-independent director.
Koh Poh Tiong succeeded Mr Lee as non- executive chairman, having previously been vice-chairman and a non-executive director of Ezra. OSJ
Annual Offshore Support Journal Conference and Awards 2013 I 29
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