Singapore-listed Ezra Holdings Limited's subsidiary EMAS Offshore Ltd., formerly known as EOC Limited, posted a net attributable profit of $54.7 million for the financial year that ended Aug. 31 (FY14), a four-fold increase from the $11.1 million achieved in the previous year, the firm said when it released the company's financial results Thursday.
Annual revenues rose 9 percent to $47.0 million due to improved utilization of the firm's accommodation and maintenance vessels, Lewek Conqueror and Lewek Chancellor, both of which secured more than $140 million in long term charters (including options) during the year.
Profit generated by associate companies increased sharply to $15.4 million compared with $1.3 million in FY13 as the Group’s two floating production, storage and offloading (FPSO) vessels performed well with high operational uptimes during the financial year.
“EMAS Offshore’s improved results is a reflection of our successful efforts in improving earnings visibility for our accommodation and maintenance vessels and the stabilizing of our FPSOs’ performance. Having built a firm foundation, we are now ready to look at new areas of growth for the Group,” EMAS Offshore’s CEO, Jon Dunstan, said in the press release.
Earlier on Oct. 3, EMAS Offshore completed the business combination involving the offshore support services business of Ezra and acquired 44 offshore vessels and a global platform that will allow the enlarged group to offer offshore support, accommodation and production services to customers throughout the oil and gas industry.
Looking ahead, EMAS Offshore is optimistic about the company's business prospects.
“We are unfolding the future of EMAS Offshore and intend to capitalize on its strong operating track record and established reputation in the industry to extend our foothold in Southeast Asia, capture fresh opportunities in West Africa and penetrate new markets such as Indonesia.”
“We now have a capable and sizeable fleet of offshore support vessels on term charters that will support the Group’s earnings visibility in the medium term. This will be further enhanced by our expansion into the accommodation segment, where we see firm demand due to ongoing maintenance work on existing offshore infrastructure,” Dunstan added.
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