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2012 July 13   10:31

Ezra bags $87 charter contracts and posts Q3 results

Ezra bagged six charter contracts worth $87m and posted stronger earnings in the third quarter, Seatrade Asia online reports.

Ezra's EMAS Marine was awarded new charters for both platform supply vessels (PSVs) and anchor handling towing and supply (AHTS) vessels. The charterers include oil majors, an independent exploration and production company and oilfield services companies.

The contracts have average tenure of around two years, including options, and the vessels will be deployed to Asia and Africa.

Singapore-listed Ezra also recorded a 244% leap in third quarter net profit to $22.4m. Revenue rose 61% year-on-year to $265.6m for the quarter, due mainly to the start of new subsea projects awarded after Ezra's acquisition of the AMC Group in March 2011.

“While EMAS AMC's revenue is expected to be lumpy in the next two to three quarters due to the nature of project execution and revenue recognition, operations should remain profitable overall,” said Lionel Lee, managing director of Ezra.

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