Ezra

Ezra: Deutsche positive post company visit, says industry prospects remain sound with the group continuing to see healthy customer enquiries. Ezra’s subsea division is bidding for ~US$4.4b worth of projects in the North Sea, Africa, Asia Pac and the Americas, and mgt appears confident of outlook. Ezra’s execution track record has been generally good, and its customers include big names such as Statoil, MODEC, BP. A catalyst would be delivery of the Lewek Constellation in 2013, which targets projects in 2014. Deutsche notes the ice-class deepwater subsea multi-lay vessel is capable of global deployment for integrated subsea construction projects and is among the most advanced subsea vessels of its class. The house maintains Buy with TP $1.44.