Ezra back in the black in Q3

Net profit in the third quarter was recorded at $10.7m, as against a loss of $50.6m in the same period of 2013.

Revenue during the quarter increased 27% year-on-year to $402.1m, Singapore-listed Ezra announced.

“Our investment into expanding our engineering capabilities and effective deployment of our subsea vessels for projects globally is showing strong returns,” said Lionel Lee, group ceo and managing director of Ezra.

EMAS AMC, Ezra’s subsea services division, increased operational profitability due to higher fleet capacity as well as increased value and number of projects undertaken by the group.

Over at EMAS Marine, Ezra’s offshore support services division, a new management team will be in place after Ezra announced a planned consolidation of EMAS Marine into its associated Oslo-listed EOC Limited.

The consolidation move will enable Ezra to focus on its subsea services business while continuing to participate in the growth of the offshore support services business.

“Contracts win momentum (at EMAS Marine) remains strong with close to $90m in new contracts announced in the third quarter of 2014, of which a majority in value is long term in nature,” Lee said.

Ezra’s marine services division, through Triyards, has also continued its growth after delivering its first lattice-leg BH 450 liftboat in June 2014.

Ezra has an orderbook of approximately $2bn, with most contracts expected to be executed over the next 12 to 18 months.