Ezra

Ezra: UOB Kay Hian hosted an oil service conference in Singapore on 26-27 Nov, which saw the participation of eight oil service companies and the attendance of about 30 fund managers. Note that Lewak Constellation, Emas AMC’s state-of-the-art pipelay vessel, will be a gamechanger vessel that could earn US$1b subsea revenue p.a as it is geared for large jobs of US$0.5b-1b each. It could secure its maiden contract in 1H13, which could be a major share price catalyst for Ezra, in our view. Emas AMC – excluding Lewek Constellation – posted total subsea revenue of US$552m in FY12. House maintain BUY with TP of $1.53.