Singapore's Ezra Holdings Profits Rocket

By George Backwell
Friday, July 11, 2014
Offshore construction vessel: Photo EMAS

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.

Highlights

  • 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.”
 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Two Newbuilds Delivered to Star Bulk

Star Bulk Carriers Corp. took delivery on February 27 of M/V Honey Badger (ex HN NE 164) and M/V Wolverine (ex HN NE 165), two 61,000 dwt Ultramax bulk carriers

Brazil Truck Strike Diminishes

Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a

Offshore

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Ferguson Appoints Partner OPS-OES

Ferguson Group Singapore, a specialist in the provision of DNV 2.7-1 / EN12079 offshore containers, reefers, tanks, waste skips, baskets, accommodation and engineering

Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.

Finance

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

Offshore Energy

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.

Maersk Drilling Secures Contract for Newest Drillship

Maersk Drilling was awarded a contract from eni Ghana Exploration and Production Ltd. for employment of the newbuild drillship Maersk Voyager.   The contract

Underwater Engineering

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Ice Coverage on Great Lakes 89 pct: NOAA

Ice coverage on the Great Lakes is nearing 90 percent, reveals high resolution satellites images from National Oceanic and Atmospheric Administration (NOAA).   The entire Great Lakes is at 88.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar
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: 0.1957 sec (5 req/sec)