Ezra has spent quite some money to grow its
subsea fleet following its acquisition of AMC in March 2011.
We expect capex level to come down after the delivery of
Lewek Constellation in 2014. The net outstanding capex on
Lewek Constellation as at end FY12 is estimated at
US$250-300mn, while we assumed annual maintenance
capex to be about US$30-50mn.