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EMAS Offshore wins $24m contracts, improves Q3 profit

EMAS Offshore wins $24m contracts, improves Q3 profit
EMAS Offshore has bagged three contract awards worth $24m including options, and registered an improved net profit of $5.18m in its third quarter.

The offshore services firm, a spin-off of Singapore’s Ezra holdings, has secured three new charter contracts from oil majors in West Africa and Thailand.

In West Africa, EMAS Offshore will provide a AHTS vessel under one contract and in the Gulf of Thailand, the company’s two other contracts are with EMAS Energy, an entity that belongs to the well services division of Ezra.

One of the Thailand contracts is a charter for a PSV and the other is for the provision of an AHTS vessel for a national oil company, both awarded after a tendering process.

The average contract duration for the contracts is approximately 1.1 years and the charters are expected to commence in the fourth quarter of 2015.

“We have a distinct advantage of being able to deploy vessels globally,” said Jon Dunstan, ceo of EMAS Offshore.

Meanwhile, Singapore-listed EMAS Offshore also reported a third quarter profit of $5.18m in the period ended 31 May 2015, a jump from the gain of $182,000 in the same period of last year.

Revenue was recorded at $59.2m, a drop of 15% year-on-year.

The higher profit was attributed to strong contributions from the offshore production services division, which comprised of two FPSO vessels. This was offset by weakness in the PSV and small AHTS vessels business segments.

“Looking ahead, the short term outlook for the industry still remains challenging, but we believe thaht our strategy of focusing our capabilities and maintaining operational excellence in key geographical areas will hold us steady,” Dunstan commented.