Offshore firm Ezra Holdings posts 16% rise in Q3 profit

Ezra Holdings platform supply vessel Lewek Andes, seen here during sea trials in this 2012 photo. -- PHOTO: EZRA HOLDINGS
Ezra Holdings platform supply vessel Lewek Andes, seen here during sea trials in this 2012 photo. -- PHOTO: EZRA HOLDINGS

SINGAPORE - Offshore services provider Ezra Holdings has reported a 16 per cent rise in its net profit for the third quarter ended May 31 over a year ago to US$8.3 million (S$10.3 million).

This was accompanied by a 27 per cent rise in revenue in the quarter to US$402.1 million, as takings increased across all three divisions: subsea services, marine services and offshore support services.

For the first nine months of its financial year, Ezra's revenues crossed the US$1 billion mark at US$1.04 billion, a 24 per cent increase from the previous year.

Net profit however dipped 21 per cent to US$34.2 million.

Over the nine-month period, Ezra's subsea services division EMAS AMC raised its revenue by US$200.6 million from a year ago, due to higher fleet capacity and more and more valuable projects.

But its offshore support services division, EMAS Marine, saw revenues slip by US$5.3 million in the period due to leased-in vessels being returned to their owners.

Ezra said its order book stands at about US$2 billion, with most contracts expected to be executed over the next 12 to 18 months.