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Friday, July 13, 2012

Ezra's 3Q earnings surge to $29m; clinches $209m in new contracts

Ezra Holdings, the offshore contractor and provider of integrated offshore solutions, said it posted a 244% increase in earnings to US$22.4 million ($28.5 million) for the third quarter ended 31 May 2012 (3Q FY12).
Group revenue rose 61% to US$265.6 million for the quarter from last year, due mainly to the commencement of new subsea projects awarded after Ezra’s acquisition of the AMC Group in March last year. EMAS AMC, the subsea division, was also largely the driver for the 53% increase in Ezra’s gross profit to US$44.4 million in 3Q FY12.

In a separate announcement, Ezra also announced that its EMAS Marine offshore support services division won six charter contracts totalling US$87 million.

The new charters are for both platform supply vessels (PSVs) and anchor, handling, towing and supply (AHTS) vessels. The charterers include oil majors, an independent exploration & production (E&P) company and oilfield services companies.

Meanwhile, in another press announcement, Ezra said Triyards, its fabrication unit, also clinched a new US$77 million order for a specialised offshore unit.

The contract adds to Triyards’ fast-growing order book which includes two self-elevating, mobile offshore units and the Lewek Constellation,a deepwater multi-lay vessel.


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