(EnergyAsia, October 30 2012, Tuesday) — Ezra Holdings, a Singapore-based provider of offshore oil and gas services, said its full-year net profit rose 62% to US$65 million with revenues surging 76% to a record US$984.2 million in its 20-year history.
The company attributed the sharp rise in revenue for the year to August 2012 to the successful integration of the sizeable subsea services operations under the EMAS AMC group, which was acquired in March 2011.
Ezra said the subsea services division trebled its turnover to US$551.6 million in FY2012 from US$179.5 million the year before, at the same time turning a previous loss of US$18.3 million to a profit of US$30.7 million.
Ezra’s managing director, Lionel Lee, said:
“FY2012 was a year of significant progress for Ezra. The group is reaping the benefits from our long-term strategy to move into subsea engineering and project management, which we put in place some three years back. We managed to complete the integration of the subsea business in just 18 months, and turned the division around at the same time.
“Together with the successful listing of TRIYARDS Holdings Limited, our engineering and fabrication division, the robust performance of EMAS AMC represents another milestone achievement for us in FY2012.”
On prospects for the coming year, Mr Lee said he expects demand for subsea and offshore support services to remain firm, underpinned by growth in capital expenditures by the energy majors.
“The Ezra group of companies is currently bidding for up to US$7 billion in projects globally,” he said.
With offices across five continents, Ezra’s various divisions provide a full range of seabed-to-surface engineering, construction, marine and production services around the world.
Ezra created EMAS AMC after acquiring Aker Marine Contractors AS, a world leader in providing subsea umbilicals, risers & flowlines (SURF) products and floater installations to deliver comprehensive seabed-to-surface solutions for the offshore sector including subsea construction and floating production, storage and offloading (FPSO) installation.
Another division, EMAS Energy, provides well intervention and drilling services both onshore and offshore, offering fully integrated solutions that combine its marine assets with state-of-the-art intervention equipment and services.
EMAS Marine manages and operates a young, versatile fleet of advanced offshore support vessels, offering an extensive range of maritime services that cater to the client’s needs throughout a field’s life cycle. It also manages EMAS AMC’s fleet of construction assets and third-party vessels.
EMAS Production, which is artly owned by EOC Limited, owns and operates FPSO facilities, offering services for post-exploration needs of offshore fields, such as FPSO conversion management.