Ezra: EMAS AMC, Ezra’s offshore construction division, has been awarded a contract from Chevron Thailand for offshore installation of wellhead platforms and associated pipelines in the Gulf of Thailand. The project is expected to commence in early 2012 for a 3-yr period (2012-14) with an option period for an additional 2 yrs (2015-16), which is estimated to increase the orderbook for its to >US$600m. This reflects closer integration within the group, following Ezra’s acquisition of AMC. Ezra has a short term target of US$1b for the segment.
Ezra’s share price has taken a beating over the past weeks, following weak 3Q results. StanChart yday lowered TP to $1.20 from $1.60 but kept its In-line rating.
Technically, the stock has been oversold for an extended period, and the contract win may be a catalyst for a share price bounce. Support at $0.895, resistance at ~$1.10.
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