EMAS Offshore reports full year profit

The offshore services firm said the full year net profit of $20.1m excluded a one-time gain of $36.4m relating to the sale and leaseback of Lewek Champion, a pipelay and heavy lift construction vessel, earlier in the year.

Revenue rose by 9% year-on-year to $47m due to improved utilisation of two of the group’s accommodation and maintenance vessels, which secured more than $140m in long term charters including options.

EMAS Offshore, formerly known as EOC Limited, was a spin-off from Ezra Holdings and listed in Oslo in 2007.

On 3 October this year, it completed the business combination with Ezra’s offshore support services division EMAS Marine and acquired 44 offshore vessels. The company was subsequently listed on the Singapore Exchange on 8 October and became a dual-listed company in both Norway and Singapore.

On the group’s prospects post-business combination, EMAS Offshore intends to capture opportunities in West Africa and penetrate new markets such as Indonesia, according to Jon Dunstan, ceo of EMAS Offshore.

“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 said.