Ezra Reports another Quarter of Growth

Posted by Michelle Howard
Friday, July 11, 2014

Ezra Holdings Limited, a contractor and provider of integrated offshore solutions to the oil and gas industry, achieved a record revenue of $1 billion for the nine months ended May 31, 2014 (9M14), a 24% increase from $842.9 million in the previous corresponding period (9M13). revenue for the three months ended May 31, 2014 (3Q14) has also outperformed previous year (3Q13), increasing 27% to $402.1 million.

Adjusted EBITDA for the group grew 144% to $125.4 million and adjusted profit after tax turned from a loss of $43.5 million in 9M13 to a profit of $25 million in 9M14.

EMAS AMC, Ezra’s Subsea Services division, maintained its strong performance, sustaining four consecutive quarters of operational profitability. The division’s contribution to the group’s 9M14 revenue increased by $200.6 million as compared to 9M13. This is due to higher fleet capacity following the delivery of Lewek Express and Lewek Centurion in the last quarter of FY13, as well as the increased value and number of projects undertaken by the group. The group’s flagship subsea construction vessel, Lewek Constellation is in West Africa for her first heavy-lift project, before sailing to the Netherlands for the installation of her multi-lay system tower.

The group’s Offshore Support Services division, EMAS Marine, saw 9M14 revenues dipped slightly by $5.3 million as a result of leased-in vessels being returned to their owners.

Lionel Lee, Ezra’s Group CEO and Managing Director, said, “I am pleased that the group has delivered four quarters of operational profitability, driven by the strong growth momentum of EMAS AMC. Our investment into expanding our engineering capabilities and effective deployment of our subsea vessels for projects globally is showing strong returns.

“Over at EMAS Marine, with the new management team in place, we will continue to focus on operations and securing long-term charters. Contracts win momentum remains strong with close to $90 million in new contracts announced in 3Q14, of which a majority in value is long-term in nature.”

The group has recently announced the consolidation of EMAS Marine into EOC Limited, creating Asia’s largest offshore support services by asset value, with a fleet worth of more than $1 billion. This will enable Ezra to focus on its Subsea Services business while continuing to participate in the growth of the Offshore Support Services business. The transaction is subject to shareholders’ approval at the Extraordinary General Meeting, the timing of which will be announced in due course.

Ezra’s Marine Services division, through TRIYARDS, continues to grow. TRIYARDS has successfully delivered its first lattice-leg BH 450 liftboat in June 2014. Standing at over 130 meters, the liftboat is among the tallest in the industry and can operate in water depths up to 105 meters.

The group has an orderbook of approximately $2 billion, with most contracts expected to be executed over the next 12 to 18 months. Going forward, the group will focus on excellent execution and delivery of subsea projects. The group will remain steadfast in deploying its vessels to capitalize the longer term industry capital expenditure trends.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Container Shippers Join Forces for Safety

The Container Ship Safety Forum (CSSF) has been launched as a global business-to-business network that aims to improve safety performance and management practices in the container shipping industry.

Korea Ferry Businessman's Body Located

Yoo had been target of South Korea's largest manhunt; Failure of police to catch Yoo had been burden for Park government. The body of South Korea's most wanted man,

Mitsubishi to Build Diesel Oil Import Terminal in Australia

Japanese trading house Mitsubishi Corp said it is entering Australia's diesel market by building a $103 million gas oil import terminal to tap growing demand and

Technology

Volvo Penta Offer D4, D6 Series Engine Keel Cooling Option

Volvo Penta of the Americas has announced the availability of a keel cooling option with D4 and D6 marine diesel engines to meet customer demands in the North American marine commercial market.

Giant Vessel to Change Offshore Decommissioning Game: Analyst

The new Allseas vessel, 'Pieter Schelte', is able to replace the previous slower method of removing topsides piece by piece with one lift, meaning a decommissioning

DMC Builds the Smallest Ever Nozzle

Damen Marine Components (DMC), part of Damen Shipyards Group, announced it has smashed its propeller nozzle world record by 33 percent downwards. This downsizing

Contracts

Boscalis to Get IJsseldelta 'Room for the River' Contract

Royal Boskalis Westminster N.V. (Boskalis) say that the Dutch Department of Public Works and the province of Overijssel intends to award the contract for the IJsseldelta polder to them.

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Panama Canal: New Lock Gates Transferred to Atlantic Side

ACP informs that the Panama Canal Expansion has reached another important milestone with the transfer of the first gates to the new locks complex in the Atlantic side.

Offshore

DNV GL Publishes Regulatory Roadmap for Floaters in the US

DNV GL announced it has mapped out what is necessary to be in compliance with U.S. Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in U.S. waters.

Second Typhoon Threatens Taiwan

The Taiwan military was collecting and distributing sandbags to guard against possible flooding on Tuesday as a typhoon bore down on the island after brushing the Philippines.

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Finance

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

News

Container Shippers Join Forces for Safety

The Container Ship Safety Forum (CSSF) has been launched as a global business-to-business network that aims to improve safety performance and management practices in the container shipping industry.

DNV GL Publishes Regulatory Roadmap for Floaters in the US

DNV GL announced it has mapped out what is necessary to be in compliance with U.S. Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in U.S. waters.

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

Offshore Energy

DNV GL Publishes Regulatory Roadmap for Floaters in the US

DNV GL announced it has mapped out what is necessary to be in compliance with U.S. Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in U.S. waters.

NJ Congressmen Supports Offshore Wind Proposal

Congressman Frank Pallone has issued the following statement in response to the Department of the Interior’s announcement of the proposed lease sale for nearly 344,

Sembawang Shipyard to Convert 2 FPSOs for Kaombo Project, Angola

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage Production Offloading (FPSO) conversion contract worth about S$600 million from Saipem SA,

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1892 sec (5 req/sec)