Ezra posts FY12 profit, bags $65m subsea contracts
Ezra Holdings posted higher earnings for the financial ended 2012 and clinched more than $65m worth of contracts in West Africa and Gulf of Mexico, Seatrade Asia online reports.
The Singapore-listed provider of offshore solutions to the oil and gas industry recorded full year net profit of $65m, a jump of 62% compared to $40.1m a year ago. Revenue for the financial year ended 31 August 2012 came up to $984.2m, up 76% year-on-year.
Ezra also announced on Thursday the winning of the $65m contract, including options, for subsea construction projects in West Africa and Gulf of Mexico.
Ezra's Emas will deploy a subsea construction vessel into the Gulf of Mexico with work expected to start in the first half of 2013. In West Africa, Ezra will extend an existing general service agreement with ExxonMobil for subsea work through mid-2014.
“Demand for subsea and offshore support services remain firm, underpinned by growth in capital expenditures by the energy majors. The Ezra group of companies is currently bidding for up to $7bn in projects globally,” said Lionel Lee, managing director of Ezra.