Singapore-listed, Ezra Holdings, just barely managed to stay afloat as the offshore O&G contractor books a 96 per cent decrease in profit after tax on lower revenue and higher costs.

For the third quarter of 2015 (3Q2015) ending May 31, Ezra recorded $400,000 in profit after tax, down from $$10.2 million a year earlier.

To remind, Ezra’s second quarter 2015 (2Q2015) profit after tax (PAT) also fell 79% from $22.1 million to $4.7 million year-over-year.

Revenue dropped 3 per cent during the quarter to $390.7 million, compared to $402.1 million in the corresponding period of 2014.

Ezra’s subsea division EMAS AMC saw its revenue decrease by $21.0 million in 3Q2015 compared to 3Q2014, mainly due to projects being in earlier phases of execution.

However, Lionel Lee, Ezra’s CEO and managing director, believes that in the long run market conditions will advance: “Despite recent market challenges, Ezra has managed to maintain its revenue this quarter. We acknowledge that market conditions remain difficult, but we see that the longer-term prospects in the industry are showing gradual improvement. The Group is currently working to rationalize non-core assets to accelerate the deleveraging of and strengthening the Group’s balance sheet.”