Asia

Ezra’s interims up as it announces four more contracts

Singapore: Offshore player Ezra Holdings reported a 34% increase in both its revenue and gross profit for the half-year ended 28 February 2013. The group saw revenue rise to $525.8m from $392.3m in the same period last year. In addition, gross profit increased to $92.2m, up from the $69m booked in the corresponding period a year ago.

Ezra also today announced four contracts totalling nearly $120m.

The contracts will be carried out in the Gulf of Mexico, West Africa and the Philippines.

Ezra’s subsea services division, EMAS AMC, continued to win additional projects in the second quarter of 2013 with two more projects recently added to its portfolio, one in the Gulf of Mexico and another in West Africa. Both contracts were awarded by two major oil companies.

EMAS AMC further strengthened its foothold in Africa with a contract award for the project management and installation of flexible risers, hydraulic umbilicals and anchor chains. The contract further includes pre-commissioning services. The project, which was secured together with a local JV partner, will be managed out of the EMAS AMC’s Oslo office with offshore works scheduled to begin in the second quarter of 2013.

Separately, the contract in the Gulf of Mexico is a strategic deepwater contract for the project management and installation of flowlines, umbilicals, jumpers and flying leads. The project will be undertaken and managed by EMAS AMC’s Houston office with offshore installation scheduled to start in the third quarter of 2013.

In addition to EMAS AMC’s new contracts, Ezra’s offshore support services division, EMAS Marine was awarded an eight-year contract, including options, for offshore exploration work with a major oil company in the Philippines. The charter of one of EMAS Marine’s AHTSs will begin later this month. The division also secured a five-year contract extension for one of their vessels in West Africa.

“These markets each present their unique challenges and we are delighted that we have managed to win these contracts,” said Lionel Lee, md of Ezra.  [12/04/13]

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