Ezra Sees Steady Flow of Contracts

Ezra posted a healthy 17.5% year-on-year (yoy) growth in net attributable profit (PATMI) to US $28.8 million for its first half year ended February 28, 2010.

The Group also announced that its three core businesses had concluded new contracts worth US $79 million, reflecting the still firm demand in the offshore oil & gas sector. Ezra's Offshore Support Services (OSS) division clinched new and renewal charters for Anchor Handling, Towing and Supply (AHTS) vessels while the Marine Services (MS) arm was awarded a US $50 million engineering and fabrication contract. Ezra also recently won a drilling and wellintervention contract, its second award which will utilize the state-of-the-art equipment Ezra bought at distressed prices in January this year.

Commenting on the steady flow of contracts, Mr Lionel Lee, Managing Director of Ezra, said, "The strong demand for our comprehensive range of sophisticated vessels, equipment and services is backed by high oil prices and higher capital expenditure coming
through from the world's oil majors. We will continue to focus on extracting more value from all our assets and expanding our capabilities, especially our reach in the deepwater segment."