Subsea services drive record revenue at Ezra HoldingsCompany News // October 24, 2014
Ezra Holdings Limited†has†achieved revenue growth of 18 per cent to US$1.5 billion for the full year ended 31 August 2014 (FY14).
Revenue for the three months ended 31 August 2014 (4Q14) edged up by 6 per cent from US$419.2 million ended 31 August 2013 (4Q13) to US$446.0 million.
Gross profit grew 34 per cent to US$226.9 million in FY14 and gross profit margin increased from 13 per cent in FY13 to 15 per cent in FY14. Adjusted EBITDA for the group grew 68 per cent to US$176.7 million in FY14 and adjusted PAT rebounded from a loss of US$26.6 million in FY13 to a profit of US$41.2 million in FY14.
EMAS AMC, Ezraís subsea services division, continued to deliver strong and sustained growth, with five recurring quarters of operational profitability. Revenue increased by 32 per cent to US$1.0 billion, as a result of the groupís strategy to improve operational efficiency and economies of scale by increasing fleet capacity and optimising deployment to undertake more projects.
EMAS AMC also secured orders valued at almost US$1.0 billion in total from the start of FY14 till date despite current slowing market sentiments, building a healthy backlog of projects up to 2016.
Earlier this month, EMAS AMC announced the triple contract signings for subsea tie-back projects with Noble Energy, valued at over US$300 million, following its successful partnership on the Tamar project.
In addition,†EMAS AMC also recently†announced awards for multiple contract wins from various energy companies in the US Gulf of Mexico and Asia Pacific valued at over US$70 million, continuing its global winning momentum.
Operationally, EMAS AMCís project enabling asset and flagship vessel, Lewek Constellation, an ice-classed, multi-lay offshore construction vessel with ultra-deep water pipe laying and heavy lift capabilities is expected to become†fully operational in the first quarter of 2015, and will be employed for her maiden deepwater pipelay project in 2015.