Singapore's Ezra Holdings Profits Rocket
Ezra informs that it has sustained another quarter of growing revenues and improving operating performance with fiscal 9M 2014 revenues crossing the US$1 billion mark. Ezra, a leading contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, adds that it achieved a record revenue of US$1 billion for the nine months ended 31 May 2014 (“9M14”), a 24% increase from US$842.9 million in the previous corresponding period (“9M13”). Revenue for the three months ended 2014 (“3Q14”) has also outperformed previous year (“3Q13”), increasing 27% to US$402.1 million. Adjusted EBITDA for the Group grew 144% to US$125.4 million and adjusted profit after tax turned from a loss of US$43.5 million in 9M13 to a profit of US$25.0 million in 9M14.
EMAS Awarded $505 Million in New Projects
EMAS, the operating brand of Ezra Holdings, a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, announced that its Subsea Services (EMAS AMC) and Offshore Support Services (EMAS Marine) divisions have been awarded projects worth approximately $505 million. These projects will be executed in the North Sea, Africa, the Gulf of Mexico and the Asia-Pacific region. EMAS AMC has received a letter of intent for a $120 million project offshore West Africa in 2014 utilizing its flagship vessel, the Lewek Constellation together with the Lewek Express. Based on its heavy-lift capabilities, the Lewek Constellation will execute jacket and deck installation, with the Lewek Express undertaking the SURF and rigid pipeline installation scope.
