Ezra Holdings Limited, a Singapore-based contractor and provider of integrated offshore solutions to the oil and gas industry, achieved a record revenue of $1 billion for the nine months that ended May 31 (9M14), up 24 percent from $842.9 million in the corresponding period a year ago, the firm said Friday.
Higher revenue for the first nine months of the current financial year was attributed to a $200.6 million and $4.2 million contribution from subsea services and marine services, respectively although the gain was negated by a loss of $5.3 million from offshore support services. Turnover in the 3 months that ended May 31 (3Q14) reached $402.1 million, or 27 percent above the previous year, while Ezra's adjusted profit after tax for 9M14 stood at $25 million, a turnaround from the loss of $43.5 million a year ago.
EMAS AMC, Ezra’s Subsea Services division, managed to sustain 4 consecutive quarters of operational profitability. This was due to higher fleet capacity following delivery of Lewek Express and Lewek Centurion in the last quarter of FY13 as well as the increased value and number of projects undertaken by the Group. Its flagship subsea construction vessel, Lewek Constellation is in West Africa for her first heavy-lift project, before sailing to the Netherlands for the installation of her multi-lay system tower.
EMAS Marine, the offshore support services division, saw 9M14 revenues dipped slightly by $5.3 million as a result of leased-in vessels being returned to their owners.
“I am pleased that the Group has delivered four quarters of operational profitability, driven by the strong growth momentum of EMAS AMC ... Over at EMAS Marine, with the new management team in place, we will continue to focus on operations and securing long-term charters. Contracts win momentum remains strong with close to $90 million in new contracts announced in 3Q14, of which a majority in value is long-term in nature,” Lionel Lee, Ezra’s Group CEO and managing director said in the press release.
Ezra recently announced the consolidation of EMAS Marine into EOC Limited, creating Asia’s largest offshore support services by asset value, with a fleet worth of more than $1 billion. This will enable Ezra to focus on its subsea services business while continuing to participate in the growth of the offshore support services business.
The company also revealed that its orderbook now stands at approximately $2 billion, with most contracts to be executed over the next 12 to 18 months.
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