Ezra Posts 1Q 2015 Profit of $61M, Bags $105M Deal for Julimar Project

Ezra Holdings Limited, a contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, reported an after-tax profit (PAT) of $60.6 million for the first quarter of financial year 2015 (1Q 2015) ending Nov. 30, 2014, a sharp increase compared to $8.7 million recorded a year earlier, the Singapore-listed company said Friday.

The firm has however experienced a 6 percent decline in revenue to $321 million in 1Q 2015, compared to $339.8 million in the corresponding period last year.

EMAS AMC -- Ezra’s Subsea Services division -- posted lower revenue for 1Q 2015. The decline resulted from lower revenue contributions from the Lewek Express vessel which has been in planned mandatory dry dock during the quarter and the urgent maintenance and repair of Lewek Champion due to the gangway malfunctioning while the vessel was on a project during this period, causing the vessel to be out of operations since October 2014. Ezra's revenue should receive a boost as the Lewek Constellation, Ezra’s flagship subsea construction vessel, is expected to be fully operational by March and will commence on her projects thereafter.

Revenue from the Offshore Support and Production Services division, through EMAS Offshore Ltd., also fell, with a decline of $18.7 million as a result of one leased-in vessel being returned to owner in the second half of financial year 2014 and weakness in the Platform Support Vessels (PSV) segment.

Still, the firm’s operating performance remained healthy.

“I am pleased that the Group has maintained operational profitability, in particular, our offshore support segment enjoyed a healthy utilization rate at more than 80 percent, despite the last quarter being the winter and monsoon season,” Lionel Lee, Ezra’s Group CEO and managing director, said in the press release.

Its Marine Services division, through Triyards, performed well in 1Q 2015, with a turnover of $22 million, which partially offset the overall decline in revenue. Ezra indicated that Triyard's gains were mainly due to the revenue contribution from its newly acquired subsidiaries and higher level of fabrication activities from the existing operations as more liftboats are being built in 1Q 2015, compared to 1Q 2014.


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