Ezra Bags $70m in Offshore Contracts
Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division, EMAS AMC, has won multiple new awards from various energy companies valued at over US$70 million.
The scope of work includes subsea installation of umbilicals, flowlines and jumpers, as well as provision of services to support rigs. Work has commenced for several projects, with the others slated for offshore execution from Q4 2014 to Q2 2015.
“I am delighted to see that our customers are leveraging our subsea expertise and placing their trust in our solutions and services. With this slate of multiple contracts that span across the US Gulf of Mexico and Asia Pacific regions, EMAS AMC is continuing its winning momentum and reaffirming our strategy on growing our subsea business,” said Mr Lionel Lee, Ezra’s Group CEO and Managing Director.
The Group also reported today revenue growth of 18% to US$1.5 billion for the full year ended 31 August 2014 (“FY14”), at the back of five recurring quarters of operational profitability contributed by EMAS AMC, setting another new record from the US$1.3 billion achieved in the previous corresponding period (“FY13”). Adjusted PAT rebounded from a loss of US$26.6 million in FY13 to a profit of US$41.2 million in FY14.
Additionally, the Group maintains a healthy backlog of approximately US$2.4 billion with most contracts expected to be executed over the next 12 to 18 months. Going forward, the Group will focus on steady growth, executing its backlog and remaining steadfast in deploying its vessels to capitalise on the longer term industry capital expenditure trends and opportunities.