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.
- Gross profit up 73% to US$163.6 million in 9M14 on strong contribution from Subsea Services division
- EMAS AMC demonstrates continuous operational profitability
- Stabilising EMAS Marine platform with new contracts momentum in 3Q14
- Focus on Subsea Services business with the consolidation of EMAS Marine into EOC Limited
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 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 US$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 US$5.3 million as a result of leased-in vessels being returned to their owners.
Mr. 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 US$90 million in new contracts announced in 3Q14, of which a majority in value is long-term in nature.”