Kreuz Holdings Awarded Third-Party Subsea Project
Worth Approximately US$13 Million

Singapore – July 27, 2012


Kreuz Holdings Limited (“Kreuz” or together with its subsidiaries, the “Group”), a subsea service provider for the oil and gas industry, today announced that it has won a contract worth approximately US$13 million from a leading offshore company in the oil and gas business to provide subsea installation services in Southeast Asia. The work is scheduled to commence in the third quarter of 2012 for a duration of approximately three months, with option for further extension.

Mr Kurush Contractor, Executive Director and CEO of Kreuz, said: “We are pleased to win this third-party Southeast Asian project with our recently acquired construction class diving support vessel. The win attests to our strong capabilities and proven track record in the subsea industry. We shall continue to strive to deliver to our clients safe and quality services, thereby establishing the “Kreuz” brand as a dependable name in the industry.”

“With our in-depth understanding of and unparalleled experience in subsea installation in Southeast Asian waters, we will continue to provide quality services to both the Swiber Group and third-party clients.”

About Kreuz Holdings Limited
Listed on the Singapore Exchange on July 29, 2010, Kreuz Holdings is a subsea solutions provider for the oil and gas industry. The Group’s origin can be traced to July 2008 with the establishment of Kreuz Subsea Pte. Ltd. as the subsea services division of the Swiber Group. The Group provides quality performance and cost effective subsea solutions, through main contractors, to end-customers who are generally major oil and gas companies. Subsea services include activities supporting new offshore installation and construction projects, as well as inspection, repair and maintenance (“IRM”) of existing offshore production and pipeline facilities.

Kreuz Holdings’ subsidiary, Kreuz Subsea Pte. Ltd., has been a Contractor Member of the International Marine Contractors Association (“IMCA”) since March 2009. IMCA is an internationally recognised trade association representing offshore, marine, diving, ROV and subsea engineering companies. As a testament to the Group’s level of compliance to quality control, health and safety standards, the Group has successfully completed the Integrated ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 (QEHS MS) Stage II Initial Certification Audit for Integrated Offshore Subsea Services.

With its established team comprising approximately 500 experienced onshore and offshore professionals such as professional divers, supervisors, life support technicians and superintendents as at 31 December 2011, Kreuz Holdings is well-positioned to compete for and undertake a wide and comprehensive range of subsea projects.

Kreuz Holdings is focused on providing subsea services for installation and IRM projects, primarily in the Southeast Asia and India offshore markets. By having its own operating assets, the Group is able to better manage and deploy its resources to undertake a balanced mix of installation and IRM projects.

Kreuz Holdings press release