No need to panic:

SINGAPORE: Ezra Holdings, a provider of integrated offshore solutions to the oil and gas (O& G) industry,  posted a 20 per cent on-year increase in its fourth quarter net profit to US$10 million.

In a statement on Friday, Ezra said its fourth quarter revenue rose 28 per cent on-year to US$419.2 million.


Revenue growth during the quarter was due to an increase in revenue of US$89.4 million from the Subsea Services Division, US$2.3 million from the Marine Services Division and US$1.1 million from the Offshore Support Services Division.


Ezra's managing director, Mr Lionel Lee, said: " Moving forward, we will continue to focus our energies on effective and prompt execution of our order book of more than US$2 billion worth of contracts."


According to Ezra, the group won subsea contracts worth in excess of US$1.4 billion in fiscal year 2013.


On the prospects for the coming year, Mr. Lee noted: " With diminishing energy supplies from conventional onshore sources, capital expenditures by energy majors in the offshore subsea services sector is expected to remain firm."


" The group's order backlog reached a record high in fiscal year 2013 and with approximately US$8 billion worth of projects being tendered, I am excited and anticipative of Ezra's long-term prospects." he added.


Ezra also appointed a new chief financial officer (CFO) on Friday.


Mr Eugene Cheng Chee Mun, currently the group's general manager for finance will take on the role of group CFO from November 1.


He takes over from current finance director, Mr Tay Chin Kwang, who will be re-designated as executive director at Ezra from November 1.


Mr Tay will oversee strategic partnerships and joint ventures of the group.