Kreuz   

Darling IPO of 2010

CHIONGGGGGGGGGGGG   ARHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!

             

 

FOR IMMEDIATE RELEASE
Contact Information:
Citigate Dewe Rogerson, i.MAGE Pte Ltd
Dolores Phua / Daniel Hoo
9750-8237 / 9827-5226


KREUZ HOLDINGS REPORTS PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY OF US$2.1 MILLION IN 2QFY2010


- Strong order book of approximately US$132 million as of August 13, 2010
Singapore, August 13, 2010 – Newly-listed Kreuz Holdings Limited (“Kreuz Holdings”, “Company”, or together with its subsidiaries, the “Group”), a subsea solutions provider for the oil and gas industry, today reported that it has achieved profit attributable to equity holders of the Company of US$2.1 million for the three months ended June 30, 2010 (“2QFY2010”), notwithstanding a 24.5% decline in revenue to US$13.9 million.


The decline in revenue was due to the decrease in number of projects carried out in 2QFY2010. This was offset by the higher gross profit margin achieved in 2QFY2010 of 35.6% as compared to 28.1% in 2QFY2009.


In terms of revenue by customers, contributions from related companies constituted 30.5% of revenue whilst third-party customers made up the remaining 69.5% in 2QFY2010.
Kreuz Holdings Limited
Co Reg No. 200923628R
12 International Business Park #02-02 Cyberhub@IBP Singapore 609920
Tel: +65 6505 0900 Fax: +65 6505 0901
www.kreuzsubsea.com
A subsea services provider
for the oil & gas industry


Mr Kurush Contractor, Executive Director and CEO of Kreuz Holdings, said: “We have a healthy order book of secured contracts amounting to approximately US$132 million as at August 13, 2010. In addition, the Group has been actively bidding for new projects. We will continue to leverage on our strong track record and operational excellence, ensuring that we deliver quality and cost effective services which meet or exceed customer expectations, to grow our business.”
“In addition, leveraging on the positive trend in the oil and gas industry, we plan to expand our range of services through the acquisition of new operating assets. We will also intensify our marketing and bidding efforts, increasing our penetration in our existing markets in Asia Pacific and India, as well as explore opportunities in new markets like the Middle East. Our strong relationship with end-customers, who are major oil and gas companies in the offshore industry, will also augur well for the Group.”


Cumulatively, for the half-year to June 30, 2010 (“1HFY2010”), the Group registered revenue of US$20.5 million and profit attributable to equity holders of the Company of US$2.4 million.


Outlook

As oil prices continue to recover and stabilise, capital expenditure of oil and gas companies is expected to increase. The demand for the Group’s subsea services will benefit from an increase in capital expenditure of oil and gas companies arising from the stabilisation of oil prices.

In addition, most of the offshore installations in Southeast Asia are experiencing aging, thereby requiring IRM work. Hence, the increasing IRM work in relation to these older offshore installations will also increase demand for subsea services.
Kreuz Holdings Limited
Co Reg No. 200923628R
12 International Business Park #02-02 Cyberhub@IBP Singapore 609920
Tel: +65 6505 0900 Fax: +65 6505 0901
www.kreuzsubsea.com
A subsea services provider
for the oil & gas industry
The Group will continue to explore new opportunities by leveraging on its strong track record.
About Kreuz Holdings Limited
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 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 260 experienced onshore and offshore professionals such as professional divers, supervisors, life support technicians and superintendents as at 31 December 2009, Kreuz Holdings is well-positioned to compete for and undertake a wide and comprehensive range of subsea projects.
Kreuz Holdings Limited
Co Reg No. 200923628R
12 International Business Park #02-02 Cyberhub@IBP Singapore 609920
Tel: +65 6505 0900 Fax: +65 6505 0901
www.kreuzsubsea.com
A subsea services provider
for the oil & gas industry
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.
This news release has been reviewed by the Company’s Sponsor, DBS Bank Ltd. (“DBS Bank”), for compliance with the relevant rules of the SGX-ST. DBS Bank has not independently verified the contents of this document. This document has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinion made or reports contained in this document.
The contact person for the Sponsor is Mr. Lak Yau Huang, Senior Vice President, Equity Capital Markets, Capital Markets Group, DBS Bank. The contact details are 6 Shenton Way #36-01, DBS Building Tower One, Singapore 068809, telephone (65) 6878 8888.

 

Very strong resistance at 0.500/0.505. Managed to crossed 0.510 but can not sustain. 

Can it be another CCM???????????

Hope that it is like Bund Center, then it will  cheong again after some consolidation.

 

I stand corrected!! 0.5.

 

thks, learn something. good luck.

 

Today is T+3 from listing day, alot of traders may be exiting with a handsome profit of +14cents from day 1 closing price. Expect it to consolidate further today before buying. Do monitor SGX for Notices of Director's interest and change in interest. This should lead the way if there are further upsides to this counter or will consolidate at current levels.

 

Any idea how to trade this counter? jump in or wait ?

 

Think it will hit 0.5 today...will it sustain though?

 

Will this one likely cheong further to 0.5

Very strong since debut.

Hope that it is not like CCM

 

Cleared 0.43!!

 

Another CCM pump high high and dump low low.

 

Yup- going nowhere, just 6 cents up at about 4.15pm today.

 

 

Nowhere!

Talkhead      ( Date: 02-Aug-2010 15:04) Posted: Anyone knows where this darling is heading?

 

Anyone knows where this darling is heading?