Ezra: Subsea Projects Improve 3Q Results (Singapore)

Ezra Holdings Limited a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, posted a strong 244% leap in net attributable profit (PATMI) to USS22.4 million for the third quarter ended 31 May 2012 (3Q FY12).

Group revenue rose 61% year-on-year to US$265.6 million for the quarter, due mainly to the commencement of new subsea projects awarded after Ezra’s acquisition of the AMC Group in March last year. EMAS AMC, the subsea division, was also largely the driver for the 53% increase in Ezra’s gross profit to USS44.4 million in 3Q FY12.

Mr Lionel Lee (IM”MJ), Ezra’s Managing Director, said: “This strong set of results is born of Ezra’s sustained commitment to both operational and financial excellence. It also reflects the successful execution of our subsea strategy over the past 12-18 months.”

“While EMAS AMC’s revenue is expected to be lumpy in the next two to three quarters due to the nature of project execution and revenue recognition, operations should remain profitable overall.” he added.

For the nine months to 31 May 2012 (9M FY12), Group PATMI more than doubled to USS57.7 million, in line with a 94% rise in turnover of USS657.9 million. EMAS Marine, the offshore support services division, added US$39.4 million to the increase in revenue.

Mr Lee said: “As a global company, we are constantly developing and streamlining our businesses and operations to ensure that Ezra can sharpen its competitive edge in the international arena. We will also continue to manage our financial resources actively so that our balance sheet remains sound and supports our growth aspirations.”

“Subsea developments and ongoing exploration and production (E&P) work in offshore O&G fields will continue to drive demand for our services.” Mr Lee added.

The Group also announced today that it had won new and extended offshore support services contracts worth a total of approximately US$87 million. These term charter contracts with an average tenure of two years are with oil majors, an independent E&P company and oilfield services companies.

TRIYARDS. Ezra’s integrated engineering, ship construction and fabrication services arm. clinched a USS77 million contract to build a specialised offshore unit.

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Subsea World News Staff , July 13, 2012;  Image: Ezra