EMAS AMC Bags $70M Contracts for Work in Asia Pacific & Gulf of Mexico
Ezra Holdings Limited (Ezra or the Group), a leading contractor and provider of integrated offshore solutions to the oil and gas industry, announced Friday that the Group’s Subsea Services division, EMAS AMC, has won multiple new awards from various energy companies valued at over $70 million.
The scope of work includes subsea installation of umbilicals, flowlines and jumpers, as well as provision of services to support rigs.
Work has commenced for several projects, with the others slated for offshore execution from 4Q 2014 to 2Q 2015.
“I am delighted to see that our customers are leveraging our subsea expertise and placing their trust in our solutions and services. With this slate of multiple contracts that span across the US Gulf of Mexico and Asia Pacific regions, EMAS AMC is continuing its winning momentum and reaffirming our strategy on growing our subsea business,” said Lionel Lee, Ezra’s Group CEO and managing director.
The Group also reported today revenue growth of 18 percent to $1.5 billion for the full year ended Aug. 31 (FY14), at the back of five recurring quarters of operational profitability contributed by EMAS AMC, setting another new record from the $1.3 billion achieved in the previous corresponding period (FY13). Adjusted PAT rebounded from a loss of $26.6 million in FY13 to a profit of $41.2 million in FY14.
Additionally, the Group maintains a healthy backlog of approximately $2.4 billion*, with most contracts expected to be executed over the next 12 to 18 months. Going forward, the Group will focus on steady growth, executing its backlog and remaining steadfast in deploying its vessels to capitalize on the longer term industry capital expenditure trends and opportunities.
* The Group’s backlog is inclusive of a backlog of $520 million from the two FPSOs, Lewek EMAS and Perisai Kamelia that EMAS Offshore Limited has stakes in.
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