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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Reporting Analyst
Expertise: Accounting
Location: Houston, TX
 
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
AP Specialist
Expertise: Accounting
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours