Ezra full year profit down 47%

Singapore: Ezra Holdings slipped on full year net profit but revenue rose year-on-year as activities in the global oil and gas industries remain active.

Net profit for the year ended 31 August 2011 dropped 47% to $40.2m compared to $76.5m in 2010.

Revenue, however, climbed 58% to $559.1m compared to $353.6m a year ago.

The Singapore-listed offshore services firm blamed the fall in profit to higher administrative expenses, higher financial expenses and lower share of profits from associated companies.

On the same day that Ezra announced its results, the company clinched a second contract awarded by BP to perform subsea work in the Atlantis field in the Gulf of Mexico.

The first project was completed in 2010 along with the installation of subsea hardware for BP's Thunder Horse project.

Looking ahead, Ezra believes that demand for medium to large sized offshore support vessels will continue to be strong.

Story from www.seatrade-asia.com.

  1. "Asia continues to be a driving force in offshore oil and gas - be it through demand, construction of vessels, finance or production. The region will, to a large degree, probably determine the future direction of the sector." Per M. Ristvedt, Managing Partner - Wikborg Rein Singapore


    “Offshore craft supporting the oil and gas sector in general will continue to see an increase in employment as energy needs in the region grow. Crew retention and competency will be just one of a number of challenges facing the OSV’s industry." Steven Randall, General Manager, Shipowners Club Singapore branch

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