Singapore-listed offshore O&G contractor, Ezra, saw its second quarter 2015 (2Q2015) profit after tax (PAT) drop 79% from $22.1 million in the corresponding period of 2014 to $4.7 million, after three months ended February 28, 2015.
Revenue for the quarter increased slightly (1%) to $302 million, compared to $300.4 million in 2Q2014.
However, for the six months ended February 28, 2015, or the first half of fiscal year 2015 (1H2015), the company saw its profit after tax rise 111% from $30.8 million to $65.3 million.
Ezra’s 1H2015 revenue decreased by $17.3 million (3%). According to the company, the decrease was due to a decrease in revenue of $26.8 million from subsea services division and $24.2 million from offshore support and production services division. The decrease was partially offset by an increase of $33.7 million from marine services division.
Namely, EMAS AMC was $26.8 million lower in 1H2015 revenues, EMAS Offshore’s revenues dropped by $24.2 million and the TRIYARDS softened the fall with a revenue increase of $33.7 million.
Ezra’s CEO and Managing Director, Lionel Lee, said that despite the challenging environment, which will cause volatility in Ezra’s results, the company remains cautiously optimistic that the long-term fundamentals of the oil and gas industry will remain encouraging.
Furthermore, Ezra reported backlog at approximately $2.3 billion, the majority of which the company expects to be executed over the next 24 months.