Ezra

Ezra: (The Edge) Triyards spinoff will enable Triyards to independently tap the equity and debt mkts for funds to expand and enable Ezra to focus on its subsea and offshore support services divisions and still maintain benefit from the growth and geographical expansion of Triyards. Barclays estimates Triyards could be worth up to US$200m in the current mkt and note that Ezra’s proposed listing of Triyards is positive for the Co. and shareholders, and the timing appears prudent with the outlook for the OSV mkt looking robust, with estimated delivery of 180 new offshore rigs over the nxt few yrs supportive of OSV demand.