EMAS Offshore Posts Net Profit of $148M in 1Q 2015, Up from $13M a Year Ago

Singapore-listed Ezra Holdings Ltd.'s subsidiary EMAS Offshore Ltd. (formerly known as EOC Ltd.), reported a significant rise in the company's net profit to $148.4 million for the first quarter that ended Nov. 30, 2014 (1Q FY2015), up from $13.0 million in the corresponding period last year, according to financial results released by the firm Thursday. 

The spike in net profit was attributed to "a $137.5 million bargain purchase gain arising from the completion of the business combination of EOC Limited and EMAS Marine (Business Combination) Oct. 3, 2014 and also as a result of reverse acquisition accounting," the firm said in a press release.

Meanwhile, net profit excluding the $137.5 million arising from the Business Combination increased to $10.9 million, a year on year increase of five percent from 1Q FY2014, which EMAS Offshore emphasized demonstrated the company's sustained operational performance.

“We have transformed into one of the leading offshore services providers in the Asia Pacific region, with total assets of over $1.5 billion. With a larger platform, we can now enhance our service offerings throughout key segments of the offshore oilfield lifecycle, by combining our track record in offshore support vessel management with offshore engineering expertise, and cover a wider spectrum of offshore work, spanning development, production and decommissioning.” EMAS Offshore’s CEO Jon Dunstan said in the press statement.

While offshore support vessel utilization remains stable at above 80 percent, the Group’s revenue of $72.7 million for 1Q FY2015 was 9 percent below the $80.0 million recorded the previous year amid relative weakness in the platform support vessel segment.

The Offshore Accommodation Vessels segment performed well, with full utilization and steady contribution from its larger assets in 1Q FY2015. The firm’s two floating production, storage and offloading (FPSO) vessels also continue to perform well, with high operational uptime of over 90 percent.

Despite the current volatility in oil prices, EMAS Offshore maintains a healthy backlog of about $1.2 billion.

“We are keeping a close watch on the current oil price environment, and we are actively looking to streamline our operations to improve our bottom line. In the year ahead, we will focus on building our backlog of contracts that will provide us with good visibility and also, ensure greater operational efficiency and financial discipline to drive performance,” Dunstan added.

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