Ezra Holdings

The wolf of SGX - Lionel Lee buy asset on the cheap?, flip it off to shldrs in Spore and then move on to flip it elsewhere?

Why not just list EMAS in Singapore? Worth less? If American and European have a tough time handling Norwegian engineer, what do you think the engineering talent of Singapore management is able to steer the latter to lower cost and risk?

Technip Cofflexip and Subsea 7 all had tough operation mandate and its all very capital intensive. I think the wolf is finally caught in his own end game.

Shortly after buying, Ezra wants to hive it off.

I follow with Ms Teh Hooi Ling said no company can continue to grow on its debt for revenue gain. At some point Ezra and Swiber will have to face the music.

I have my doubt whether a Co. can perpetually do this kind of listing, cross holding and hiving off with debt mounting after each acquisition. Its a charade.

Order book always there but earnings constantly disappoint... fate of former darling...

PUBLISHED APRIL 11, 2014

Ezra's 2Q14 net profit falls 34%

BYANGELA TAN
angelat@sph.com.sg
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EzraHoldings110414

Oil and gas related Ezra Holdings saw a 34 per cent drop in its net profit for the second quarter ended February 28, 2014 to US$19.59 million.
The group's other operating income plunged 93 per cent to US$2.39 million.
There was an absence of a one-off gain on disposal of fixed assets amounting to US$30 million.
Net cash generated from operating activities tumbled to US$10.89 million from US$90.11 million.
Revenue rose 22 per cent to US$300.43 million, as EMAS AMC continued to be the key driver.
In contrast, EMAS Marine registered lower revenue and weaker gross profit margins due to higher operating costs.
Looking ahead, chief executive officer, Lionel Lee said:"We expect to see further earnings growth in 2014 and an increase in our profitability as we leverage economies of scale. We look forward to realising the full financial contribution of Lewek Express and Lewek Centurion. Lewek Constellation is a game-changing vessel and we believe this vessel will further drive growth and profitability in the future.''
The group's orderbook had more than US$2 billion worth of contracts, a majority of which is expected to be executed over the next 12 to 18 months.

Huge order books appears meaningless in the context of Ezra in the recent years - without which Ezra could well be a cliff hanger in view of huge debt pile...

Ezra reports fall in Q2 profit; clinches Gulf of Mexico contract
Published on Apr 12, 2014
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By Ivan Teo

A WEAKER performance by an offshore services division and the absence of one-off gains from asset sales hit Ezra Holdings' bottom line in the second quarter.

Net profit for the offshore and marine services firm fell 34 per cent to US$19.6 million ($24.5 million) for the three months to Feb 28.

Revenue rose 22 per cent to US$300.4 million compared with the same period last year.

The increase was mainly driven by the group's subsea services division, which rose U$59.3 million to around US$195 million.

Ezra's subsea services division accounts for around 65 per cent of the revenue for the group in that period.

However, the increase was partially offset by a fall in sales at its offshore support services unit, EMAS Marine.

"The performance of EMAS Marine was a disappointment this quarter but I am pleased that the group as a whole still turned in a credible performance," said chief executive and managing director Lionel Lee in a statement yesterday.

"This is in no small part due to our subsea services division producing three successive quarters of operational profitability."

Earnings per share for the quarter was 2.66 US cents, down from 3.74 US cents a year ago.

Net asset value per share rose to US$1.20 as at Feb 28, from US$1.17 as at Aug 31 last year.

Ezra also announced yesterday that it had won a contract to provide and install pipes and other equipment for Noble Energy's Gunflint Project in the Gulf of Mexico.

"(This) is another significant milestone for us as it is a testament to the growth and current capabilities of (the division)," said Mr Lee.

"It affirms that our combined engineering and asset capabilities... are being endorsed by the industry to execute challenging subsea projects anywhere in the world."

The offshore works are scheduled to be carried out next year, Ezra said. It did not provide a project value.

The company's order book stands at more than US$2 billion.

Ezra shares closed down 0.5 cent at $1.07 yesterday.

ivantyh@sph.som.sg

http://infopub.sgx.com/FileOpen/EzraHold...eID=298107

Big and detailed presentations to investors not seen for a long time... signs of bottoming of enlarged group? Management finally confident to come out of the shell to engage investors?

Too much disappointments over the years but certainly worth tracking...

Odd Lots
Vested
GG

http://www.businesstimes.com.sg/premium/...y-20140712

PUBLISHED JULY 12, 2014
Ezra upbeat on long-term outlook of oil and gas industry
BYKELLY TAY
kellytay@sph.com.sg @KellyTayBT

Singapore
EZRA Holdings, which has unveiled plans to turn its Oslo-listed EOC Ltd associate into a major Asia-Pacific player in offshore support services, says the long-term fundamentals of the oil and gas industry will continue to drive longer-term industry capital expenditure trends.
"This will benefit the groups' subsea services, marine services and offshore support services divisions," Ezra said yesterday as it posted a 16 per cent rise in third-quarter net profit to US$8.3 million.
The jump in earnings for the three months ended May 31 - from US$7.2 million a year earlier - came as revenue for the offshore-and-marine services group climbed 27 per cent from US$317.1 million to US$402.1 million and gross profit surged to US$65.4 million from US$2.2 million a year ago. The latter was due to the year-ago period "being affected by a one-off higher-than-expected cost at the project level resulting from delays in the execution of certain projects and the recognition of additional costs that were previously unexpected for certain projects".

http://www.businesstimes.com.sg/premium/...s-20140716

PUBLISHED JULY 16, 2014
Ezra may also list subsea arm: analysts
Reports say group may look at overseas flotation
BYMALMINDERJIT SINGH
msingh@sph.com.sg @MalminderjitBT

JUST days after Ezra Holdings announced the restructuring of its Emas Marine unit and the secondary listing of an enlarged entity, it has emerged that the offshore services player could also be listing its subsea business, possibly overseas.
Ezra said last week it was selling its offshore support business for US$520 million to its Norwegian associate, EOC, which will then seek a secondary listing on Singapore Exchange (SGX).
Analyst reports on the transaction released this week have revealed that Ezra's management is also considering listing its subsea business at a later date.
A Deutsche Bank report added that the group may do this through a listing in the United States, instead of Singapore.

I have noticed that Ezra also involved in accommodation vessel, in its EOC subsidiary. One more company involved in the similar business, besides POSH.

It is interesting to watch Ezra strategy of spinning-off different businesses into each subsidiaries.

(not vested in Ezra, and any of its subsidiaries)

(25-07-2014, 10:53 AM)CityFarmer Wrote: I have noticed that Ezra also involved in accommodation vessel, in its EOC subsidiary. One more company involved in the similar business, besides POSH.

It is interesting to watch Ezra strategy of spinning-off different businesses into each subsidiaries.

(not vested in Ezra, and any of its subsidiaries)

IIRC, there are a new comer in the accommodation vessel segment, and is rather small at the moment. Indeed more players are getting into this business, need to dig further in this.

(25-07-2014, 11:04 AM)Ben Wrote:

(25-07-2014, 10:53 AM)CityFarmer Wrote: I have noticed that Ezra also involved in accommodation vessel, in its EOC subsidiary. One more company involved in the similar business, besides POSH.

It is interesting to watch Ezra strategy of spinning-off different businesses into each subsidiaries.

(not vested in Ezra, and any of its subsidiaries)

IIRC, there are a new comer in the accommodation vessel segment, and is rather small at the moment. Indeed more players are getting into this business, need to dig further in this.

Ezra is late in the game. Posh has quite a lot of the tradition accommodation barges and the expensive newer accommodation semi sub for Deepwater under construction. And Falcon Energy whose focus is in shallow water already owns many accommodation vessels since the start.

(25-07-2014, 11:19 AM)EFG Wrote:

(25-07-2014, 11:04 AM)Ben Wrote:

(25-07-2014, 10:53 AM)CityFarmer Wrote: I have noticed that Ezra also involved in accommodation vessel, in its EOC subsidiary. One more company involved in the similar business, besides POSH.

It is interesting to watch Ezra strategy of spinning-off different businesses into each subsidiaries.

(not vested in Ezra, and any of its subsidiaries)

IIRC, there are a new comer in the accommodation vessel segment, and is rather small at the moment. Indeed more players are getting into this business, need to dig further in this.

Ezra is late in the game. Posh has quite a lot of the tradition accommodation barges and the expensive newer accommodation semi sub for Deepwater under construction. And Falcon Energy whose focus is in shallow water already owns many accommodation vessels since the start.

One more company emerges, the Falcon Energy. I will take a look. Thanks