Ezra Suffers Another Quarterly Loss

Offshore oil and gas contractor, Ezra Holdings, has posted a loss for the third quarter ended May 31, 2016, as it books one-off non-cash charge of $181.3 million and sees a continued decline in its offshore support and production services division.

The Singapore-based company generated a quarterly loss of $242.9 million against $3 million profit same time last year. The bottom line was hit by the already mentioned $181.3 million non-cash loss and allowance for doubtful debt of $25 million.

Ezra has also seen red in the previous two quarters which resulted in approximately $548 million loss attributable to the owners of the company for the 9 months in 2016, compared with a profit of some $89 million in the corresponding period in 2015.

The Group’s Q3 2016 revenue dropped by 10 percent to $125.7 million. Year-to-date revenue decreased by 2 percent ($389.2 million), when compared with nine months ended May 31, 2015.

According to Ezra, the decrease was cased by lower activity levels at its Offshore Support and Production Services Division and Energy Services Division.

The company added that it expects a challenging financial performance over the next 12 months as pressure on charter rates and decreased utilisation continue to weigh on operations of its above mentioned divisions.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

read more >

Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

read more >