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

People & Company News

Pollet to Lead R&D at Coldharbour Marine

Coldharbour Marine Ltd. has appointed Professor Bruno Pollet to head its R&D department.   Bruno Pollet moves to Linby, Nottinghamshire from the University of the Western Cape,

ClassNK Opens R&D Center in Singapore

Classification society ClassNK promoted the activities of its new Global Research and Innovation Center (GRIC) at a press conference held today in Singapore.   Joined

ABS Appoints New Chief Technology Officer

ABS named Howard Fireman as Senior Vice President and Chief Technology Officer (CTO) effective April 20 in a move that strengthens alignment and generates further

Offshore

USCG Rescues Disabled Fishing Vessel

A fishing crew is back on land today after a fouled anchor line stranded them about 115 miles east of Gloucester, Massachusetts, Saturday. Initially, the

MacGregor Inks Deal with Grupo CBO

MacGregor, part of Cargotec, has secured a contract with the Brazilian shipowner and shipbuilder Grupo CBO. The contract is to supply Triplex deck handling equipment

NOAA’s National Saltwater Recreational Fishing Policy Opposed

Recently, NOAA Fisheries released the implementation plan to support the latest National Saltwater Recreational Fishing Policy. The policy, announced at the

Finance

Royal Caribbean Cuts Profit Forecast

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar.   Shares

Baltic Index Up Slightly on Higher Rates for Large Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments.

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

Offshore Energy

CWind Orders More Composite Workboats

CTruk has won an order for two more of its 22m multi-purpose catamaran Wind Farm Service Vessels (WFSVs). Both will be delivered to offshore wind service supplier

Kongsberg Simulators to Enhance GoM Offshore Training

‘Fideicomiso de Formación y Capacitación para el Personal de la Marina Mercante Nacional’ (FIDENA), on behalf of Mexico’s Secretariat of Communications and Transportation

African, Chinese Shipbuilders Form Partnership

Southern African Shipyards (SAS) has entered into a Memorandum of Understanding (MOU) with China Shipbuilding Trading Company (CSTC), a subsidiary of China State Shipbuilding Corporation,

Underwater Engineering

Taylor to Chair NOIA Board

The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term.

China Constructing Sea Outposts, US Warns

The U.S. military commander for Asia warned that, China could eventually deploy radar and missile systems on outposts it is building in the South China Sea that

Murmansk Region Head for Zoning Arctic Territories

Murmansk Governor Marina Kovtun, at the first meeting of the State Commission for the development of the Arctic has proposed a change to the system of energy

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1959 sec (5 req/sec)