Ezra will report Q22010 earnings on the 9th April post close

Singapore, followed by an analyst briefing. We expect EPS USD

0.03. We reckon current risk-reward is skewing towards the

downside as market expectations on new contracts for the

upcoming newbuilds remain demanding. Recent market bids

from the Petrobras' tenders support our NAV valuation of Ezra.

We maintain SELL recomm with tp SGD/sh 1.20 based on NAV.

 

DnB NOR Q2 2010 estimates (Q1 reported in brackets), no

quarterly consensus available

street for 2010 FY)

(12), EBIT USDm 19 (10), and EPS SGD 0.029 (0.023). Please see

our sub-segments' estimates below.(but we are 15% below the: Revenues USDm 90 (61), EBITDA USDm 22

•

segment 1)

expected to be delivered by Q2 and Q3 this calendar year.

500-men construction support vessel Lewek Crusader expected

delivery in Q2 this calendar year.

Ezion in Q2-3 2010 calendar year.Delivery schedule for upcoming newbuilds in the subseaMFSV Lewek Falcon and 2) Lewek Fulmar are3) DP34) 1x chartered-in liftboat from

•

Falcon and Lewek Fulmar) -

of 50' USD/day for the two vessels (and EBITDA USDm 13-15 per

year), under the assumption that they will operate as offshore

supply vessels (AHTS) instead of subsea vessels. Judging from the

recent market tender with Petrobras, contracts for similar size

vessels are going for 45-60' USD/day, inline with our estimates.Look out for contracts of the key newbuilds: MFSV (Lewekwe are modeling average dayrates

• DP3 500-men construction support vessel Lewek Crusader -

we are modeling average dayrates of 40' USD/day and EBITDA per

year of USDm 3-5. Our estimated rates are lower compared to

similar size construction vessels as this vessel does not have

pipelaying capability and has a smaller crane than competing

barges in the market (such as the LTS 3000, Sapura 3000, Aziz,

and sister vessel Lewek Champion).

•

1.20. 2010 EV/EBITDA of 15x. Our EBIT estimates of USDm 69/85

for 2010/2011 are 15% and 18% below consensus, respectively.