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.

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