EMAS Offshore Posts 39.3% Increase in Net Profit for FY 14 to $54.7M
Singapore-listed Ezra Holdings Limited's subsidiary EMAS Offshore Ltd., formerly known as EOC Limited, posted a net attributable profit of $54.7 million for the financial year that ended Aug. 31 (FY14), a four-fold increase from the $11.1 million achieved in the previous year, the firm said when it released the company's financial results Thursday.
Annual revenues rose 9 percent to $47.0 million due to improved utilization of the firm's accommodation and maintenance vessels, Lewek Conqueror and Lewek Chancellor, both of which secured more than $140 million in long term charters (including options) during the year.
Profit generated by associate companies increased sharply to $15.4 million compared with $1.3 million in FY13 as the Group’s two floating production, storage and offloading (FPSO) vessels performed well with high operational uptimes during the financial year.
“EMAS Offshore’s improved results is a reflection of our successful efforts in improving earnings visibility for our accommodation and maintenance vessels and the stabilizing of our FPSOs’ performance. Having built a firm foundation, we are now ready to look at new areas of growth for the Group,” EMAS Offshore’s CEO, Jon Dunstan, said in the press release.
Earlier on Oct. 3, EMAS Offshore completed the business combination involving the offshore support services business of Ezra and acquired 44 offshore vessels and a global platform that will allow the enlarged group to offer offshore support, accommodation and production services to customers throughout the oil and gas industry.
Looking ahead, EMAS Offshore is optimistic about the company's business prospects.
“We are unfolding the future of EMAS Offshore and intend to capitalize on its strong operating track record and established reputation in the industry to extend our foothold in Southeast Asia, capture fresh opportunities in West Africa and penetrate new markets such as Indonesia.”
“We now have a capable and sizeable fleet of offshore support vessels on term charters that will support the Group’s earnings visibility in the medium term. This will be further enhanced by our expansion into the accommodation segment, where we see firm demand due to ongoing maintenance work on existing offshore infrastructure,” Dunstan added.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Malaysia's InvestKL Woos Top Oil, Gas MNCs to Base in Kuala Lumpur
- Petrobangla Invites EOIs for 3 Offshore Exploration Blocks in Bay of Bengal
- Malaysia's SapuraKencana Posts 7.1% Gain in 2Q FY17 PAT to $27M
- TH Heavy Engineering, McDermott End Partnership in Malaysia
- Singapore's NUS Slowly Builds its Petroleum Engineering Program
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea