Company Reports - Teras Offshore Ltd Pte
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Platinum and Gold Partners
Silver and Bronze Partners
Teras Offshore Ltd Pte
Ships of the line
Written by Chris Farnell & Produced by Nicholas Davies
Over the life cycle of an oil or gas field, a huge amount of work is generated. From the commissioning of offshore platforms, to pipe-laying operations, to maintenance of the platform, until it is finally decommissioned, vessels are needed every step of the way.
This is what Teras Offshore seeks to provide. It's a company that has world class expertise in the oil and gas industries, and has been providing transport and logistics support to the offshore energy industry since 1992.
A large part of the reason it is able to provide this high quality service is the fleet of ships the company runs. The fleet's performance standards are an industry leader. Teras Offshore keeps a young fleet, with vessels that are all less than five years old. These vessels are high-capacity, allowing for maximum productivity, and can be customised to meet the specific needs of a job. Not content to rest on its laurels however, Teras is still working grow its fleet, constant making sure its ships are tailored to the needs of the oil and gas industry.
Indeed, Teras' parent company, Ezion Holdings, owns one of the world's largest fleets of ballastable vessels used in the commissioning and decommissioning of offshore oil and gas platforms. Ballastable vessels differ from normal barges in that they are specially reinforced and modified so that they can carry heavy offshore platforms and jackets. Teras' fleet also includes jacket launcher vessels, tugboats, and two multi-purpose self-propelled jack-up rigs, due to be available later this year.
jack-up rigs, due to be available later this year.
Jack-up rigs or "lift boats" as they are sometimes called, provide a stable, mobile platform for offshore services to work from. They are safer and more efficient than workboats and barges, and can provide operational support even in harsh weather conditions. The lift boats provide a low cost alternative for a wide variety of offshore jobs, including construction, work-over and well-intervention.
Of course, the vessels are nothing without the people to operate them, and Teras Offshore has a crack team of specialists, each with an average of more than 10 years experience in the sales, operations and technical aspects of offshore marine logistics and support services.
Along with its well-equipped fleet of vessels and experienced team of specialists, Teras Offshore also has the strong financial backing in the form of holding company Ezion Holdings Listed, a publically listed company on the SGX Capitalist Board of the Singapore Stock Exchange. This helps fund its projects and fuel company growth. The company is now expanding into Brazil, Russia and West Africa, and has doubled in size three years in a row.
Teras attributes this growth to several factors. There is the high demand worldwide for oil and gas, driving the need for discovery, development, production and decommissioning of offshore oil and gas fields. The company has strong management knowledge and special tie-ups with shipyards and equipment supplies, giving them the ability to develop cost- and time-efficient assets.
WEATHERING THE FINANCIAL STORM
Despite the company's continued growth, Teras and its holding company have been paying attention to the economic climate, and steps are being taken to protect the company's future. Teras will be working very closely with its existing customers, and is committing only to new projects that have been confirmed, where funding is readily available. It's continuing to build new assets and make new acquisitions, but only where they are secured with long term charters that guarantee returns. The company will also be working to diversify its customer base. All these measures combine to provide Teras with a healthy cashflow at all times, as well as keeping its cost structure low.
Still, the future is looking bright for the company. The International Energy Agency expects global oil demand to recover in 2010, and many of the major oil companies will be keeping up their investment in oil exploration despite the current fall in prices. In the Middle East and Southeast Asia there is an urgent for the maintenance and decommissioning of existing offshore platforms, while new ones are being commissioned all the time.
This is a need that Teras Offshore is exceptionally well equipped to meet.