Ezra Drives Record Revenue of $1.5 billion

Source: www.gulfoilandgas.com 10/24/2014, Location: Asia

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, achieved revenue growth of 18% to US$1.5 billion for the full year ended 31 August 2014 (“FY14”), setting another new record from the US$1.3 billion achieved in the previous corresponding period (“FY13”). Revenue for the three months ended 31 August 2014 (“4Q14”) edged up by 6% from US$419.2 million ended 31 August 2013 (“4Q13”) to US$446.0 million.

Gross profit grew 34% to US$226.9 million in FY14 and gross profit margin increased from 13% in FY13 to 15% in FY14. Adjusted EBITDA for the Group grew 68% to US$176.7 million in FY14 and adjusted PAT rebounded from a loss of US$26.6 million in FY13 to a profit of US$41.2 million in FY14.

EMAS AMC, Ezra’s Subsea Services division, continues to deliver strong and sustained growth, with five recurring quarters of operational profitability. Revenue increased by 32% to US$1.0 billion, as a result of the Group’s strategy to improve operational efficiency and economies of scale by increasing fleet capacity and optimising deployment to undertake more projects.

EMAS AMC also secured orders valued at almost US$1.0 billion in total from the start of FY14 till date despite current slowing market sentiments, building a healthy backlog of projects up to 2016. Earlier this month, EMAS AMC announced the triple contract signings for subsea tie-back projects with Noble Energy, valued at over US$300 million, following its successful partnership on the Tamar project. Additionally, EMAS AMC announced awards for multiple contract wins from various energy companies in the US Gulf of Mexico and Asia Pacific valued at over US$70 million, continuing its global winning momentum.

Operationally, EMAS AMC’s project enabling asset and flagship vessel, Lewek Constellation, an ice-classed, multi-lay offshore construction vessel with ultra-deep water pipe laying and heavy lift capabilities is expected to turn fully operational in 1Q2015, and will be employed for her maiden deepwater pipelay project in 2015.

Mr. Lionel Lee, Ezra’s Group CEO and Managing Director, said: “We have achieved healthy revenue growth of 23% CAGR over the last three years, driven by strong performance of EMAS AMC. With Lewek Constellation turning fully operational in 1Q2015, we remain optimistic and confident that she will be helming the Group’s future, and we will be able to achieve our desired levels of economies of scale in the next three to five years by driving operational efficiency to optimise profitability.”

In addition, EMAS Offshore Limited, a consolidation of EOC Limited and EMAS Marine, has successfully dual-listed on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 8 October 2014. With this move, Ezra has created a platform for investors to tap the Asia Pacific and European markets, and enable the Group to focus on its Subsea Services business while continuing to participate in the growth of the Offshore Support Services business. EMAS Offshore Limited will leverage both its first-mover advantage in the deepwater segment and diverse fleet to capture greater market share and expand into the growing deepwater offshore accommodation segment. For FY14, the Group saw lower revenue contribution from its Offshore Support Services division, EMAS Marine, with a decrease of US$25.4 million.

TRIYARDS, Ezra’s Marine Services division has recently secured a new liftboat contract worth US$50.5 million, bringing its total liftboat contracts won since 2005 till date to 14, showcasing TRIYARDS’ engineering versatility. In addition, TRIYARDS also announced the acquisition of Strategic Marine’s yards in Singapore and Vietnam, which adds yard capacity, as well as aluminium craft fabrication capabilities.

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.

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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

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