Ezra bags multiple contracts worth $160m
Ezra Holdings, through its subsea services, offshore support services and energy services divisions, grabbed multiple contracts and options worth up to $160m for several projects in the North Sea and Asia Pacific, Seatrade Asia online reports.
Its subsidiary EMAS AMC and EMAS Marine were awarded several projects that included subsea and mooring installations and supply of anchor handling tug and supply (AHTS) vessels and platform supply vessels (PSVs).
Another subsidiary EMAS Energy won a multimillion-dollar contract to decommission a pipeline in the Gulf of Thailand. Singapore-listed Ezra also announced on Monday a 49% plunge in first quarter net profit despite a 54% jump in revenue.
Net profit in the quarter ended 30 November 2012 slumped to $6.77m compared to $13.3m in the same period of the previous year. Revenue jumped to $278.7m compared to $180.46m.
Ezra attributed the decrease in net profit mainly due to higher personnel costs incurred to build up the subsea services division's manpower base in preparation of new projects and vessels, lower contributions from associated companies and higher financial expenses in respect of the group's expansion programme.
