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Ezra; First-mover advantage in West Africa
Company looking to increase its deepwater offshore activities
05:55 AM Jan 20, 2010
SINGAPORE - Offshore service provider Ezra Holdings is planning to increase its deepwater
offshore activities in West Africa, which it sees as an expanding energy sector.
The offshore services firm has already entered West Africa.
The firm also said that opportunities in West Africa and the Gulf of Mexico have been overlooked,
and it hopes to get a first-mover advantage in those areas.
Ezra's managing director Mr Lionel Lee said in an interview yesterday: "If you look at the entire
West African market, including Angola, Equatorial Guinea, Gabon as well as Nigeria, in a year,
I think all these countries spend on service companies, in the region of $25 billion to $35 billion a year."
To tap into the growing market, Ezra is positioning its overseas support services and equipment
towards being able to handle deepwater operations.
But within its home market of Asia, Ezra said its focus remains very much on shallow and mid-water
exploration and drilling, which has largely been depleted in the West.
While the firm cannot predict how much revenue it can gain from the emerging deepwater segment,
it does say it is confident the offshore support sector will be kept busy for the foreseeable future
amidst rising bid volumes.
"Oil companies, due to the lack of activity over the past one year, they are trying to catch up on things
such as developing their fields. So the next year does look extremely bright," said Mr Lee.
The company also announced yesterday that its new Energy Services unit has clinched two landmark
contracts totalling about US$80 million ($108.5 million).
www.todayonline.com
Can Ezra win some projects too? Hopefully, Yes too (",)
Gorgon gas project gets final approval
The green light has officially been given to the $43 billion Gorgon gas project after the
State Government today signed off on the project at a ceremony with the joint venture
partners today................
JOSEPH SAPIENZA September 14, 2009
http://www.businessday.com.au/business/gorgon-gas-project-gets-final-approval-20090914-fn17.html
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
International oil & gas projects in the pipeline; Singapore O&M companies to benefit:
Region: Australasian**
Overview. : Increase LNG production capacity from 20mtpa to 50 mtpa by 2017
Est. capex. : A$85bn over 2009-2014. Over A$240bn over next decade
Short term catalysts. : 2nd phase of Gorgon tender to be announced in 2Q10. PNG, Ichthys LNG to reach FID in late 2009 and 2010 respectively.
Key beneficiaries. : Marine service operators, companies exposed to LNG, oil & gas fabrication capabilities
Singapore O&M players.: Ezra, Ezion, AusGroup, CSE Global
Multi-industry/Offshore & Marine CIMB -LIM Siew Khee
Ezra to bid for near US$3b of deals by 2011
Written by Thomson Reuters
19 Jan'10 16:53
Singapore energy services company Ezra Holdings (EZRA.SI) is looking to
bid for around US$3 billion ($4.2 billion) worth of contracts globally over the
next 18-20 months, its managing director Lionel Lee said on Tuesday.
"We believe we could bid for close to US$3 billion," Lee told Reuters in an interview.
Lee said that more than US$1 billion of those contracts would come from West Africa,
where it recently secured a jack-up rig contract.
Ezra plans to bid for over US$1b West African deals
by Thomson Reuters
19 January 2010 15:30
Singapore energy service company Ezra Holdings (EZRA.SI) is looking
to bid for more than US$1 billion ($1.39 billion) worth of contracts from
West Africa, its managing director Lionel Lee said on Tuesday.
The company earlier announced that it has secured two contracts with
a total value of US$80 million, including one from the African oil and
gas offshore market.
TWO LANDMARK CONTRACTS TOTALLING ABOUT US$80M !!!
http://ezra.listedcompany.com/newsroom/20100119_123710_5DN_CC421B377A17756E482576B00013B7BF.1.pdf
| will040 ( Date: 19-Jan-2010 14:10) Posted: |
Ezra unit bags two contracts worth US$80m (SGD$111 million) ! (",) Wow!
Ezra Holdings, the integrated support and marine services provider in the
offshore oil & gas (O&G) sector, says its Energy Services unit has won two
self-propelled jack-up contracts worth up to US$80 million ($111 million) in
total with an average contract tenure of up to 4.1 years.
Under the contract, the unit will charter and operate the vessel to provide
various offshore services to support an oil major in Africa.
19.01.2010
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_75E77C397FC66936482576B00013DB3B/$file/100115_Ezra_Energy_Services_Contr
yupp, but no movement at all, perhaps after break 248 can chase ?
market is quite resilent now
Successful Alliance
As global markets open up and competition grows, midsize companies need to be increasingly
creative about how and with whom they align themselves to go to the market.
Strategic Alliances means "cooperation between groups that produces better results that can
be gained from a transaction. Because competitive markets keep improving what you can get
from transactions, an alliance must stay ahead of the market by making continuous advances."
Ezra knew above very well, and boosted the bottom line by a combined US$7.3 million profit
gain (+303% vs 1Q'09) in its share of profits in associated and joint venture companies.
jmv (",)
| daphnecsf Member |
18-Jan-2010 09:20  About daphnecsf  Contact Quote! |
Profit from operations
Share of profit of associated companies^^ 1Q'10 $5,251 vs 1Q'09 $2,011 +161%
Share of profit/(loss) of joint venture companies^^ 1Q'10 $2,010 vs 1Q'09 ($210) +nm%
March swiftly with associated and joint venture companies; q-on-q +303% profit gain in its associated companies^^ and joint venture companies^^
Ezra's bottom line was also boosted by a combined US$7.3 million profit gain (+303% vs 1Q'09) in its share of profits in associated and
joint venture companies.
DMG was also impressed by the gains from associates that arose from Ezra's diversification into the floating,
production, storage and offloading (FPSO) vessel market. Earnings rose sharply on contributions from Ezra
unit EOC's Lewek Arunothai FPSO which began operations in October.
Revenue* 1Q'10 $60,971 vs 1Q'09 $113,016 -46%
Gross Profit 1Q'10 $19,287 vs 1Q'09 $28,725 -33%
Gross Profit Margin%** 1Q'10 32% vs 1Q'09 25% +7%
Profit from operations
Share of profit of associated companies^^ 1Q'10 $5,251 vs 1Q'09 $2,011 +161%
Share of profit/(loss) of joint venture companies^^ 1Q'10 $2,010 vs 1Q'09 ($210) +nm%
Profit after tax 1Q'10 $18,450 vs 1Q'09 $9,561 +93%
At less assets intensive and more service oriented stage; Q1 Revenue*
Ezra said that this was due to the different completion stages for the engineering projects undertaken by the
marine services division and the different nature of projects undertaken by the deepwater subsea services arm.
For example, the deepwater subsea services projects generated in the first quarter were less assets intensive and
more service oriented stage - which produce lower revenue typically, Ezra said.
Q1 revenue, however, was lower, falling 46 per cent to US$61 million, mainly on lower year-on-year
recognition of engineering projects undertaken by marine services. But CIMB was unfazed by the revenue drop.
'We note that recognition is based on project milestones and there is no cause for concern,' CIMB said. It is also
optimistic about further gains as EOC's second FPSO comes online.
Change in sales mix; Gross Profit Margin%** improved by 7%
Gross Profit Margin increased +7% q-o-q , Deepwater Subsea Services generated the highest profit margin of 41%.
Business Segments
Offshore Support Services 1Q'10 33% vs 1Q'09 40%
Marine Services 1Q'10 23% vs 1Q'09 12%
Deepwater Subsea Services 1Q'10 41% vs 1Q'09 13%
Gross Profit Margin%** 1Q'10 32% vs 1Q'09 25% +7%
March swiftly with associated and joint venture companies; q-on-q +303% profit gain in its associated companies^^ and
joint venture companies^^
Ezra's bottom line was also boosted by a combined US$7.3 million profit gain (+303% vs 1Q'09) in its share of profits in associated and
joint venture companies.
DMG was also impressed by the gains from associates that arose from Ezra's diversification into the floating,
production, storage and offloading (FPSO) vessel market. Earnings rose sharply on contributions from Ezra
unit EOC's Lewek Arunothai FPSO which began operations in October.
http://ezra.listedcompany.com/newsroom/20100114_172909_5DN_9725384F3E2FF6DD482576AB0033DB3D.1.pdf
Est.PE of 15x is rational for Ezra, currently Hyflux is at around PE 30.x. jmv (",)
" We raise our sum-of-the-parts target price to S$3.08 from S$2.69 as we peg a higher P/E of 15x (from 13x) for EOCL,
given an improved profile as the company penetrates the international FPSO market with a second FPSO. "
" In addition, we peg a higher P/E of 15x (from 13x) for offshore support and marine services as Ezra expands its
deepwater subsea capabilities. We expect stocks catalysts from the announcement of material earnings-accretive
acquisitions and accelerated order wins. "
pnuklis ( Date: 17-Jan-2010 10:05) Posted:
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tonylim ( Date: 16-Jan-2010 15:46) Posted:
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tradersgx ( Date: 16-Jan-2010 14:16) Posted:
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Analysts upbeat on Ezra's growth strategy
ANALYSTS and investors are looking deep for further upside for Ezra Holdings, as they see future growth
coming from its new deepwater subsea services division.
While announcing near doubling of first-quarter net profit to US$18.4 million on Thursday, Ezra also said it had
won its first long-term time charter inspection, maintenance and repair contract worth up to US$12 million.
Ezra was able to secure the contract due to its commitment to developing its deepwater subsea services division,
said managing director Lionel Lee. The plan to provide clients fully integrated solutions for the entire chain of
support work in all water depths and throughout the lifecycle of the field will be enhanced with the upcoming
delivery of subsea-capable vessels, he added. The division is expected to be Ezra's key growth driver in the
next 10 years.
Analysts are upbeat on this strategy. 'We believe that at the prevailing oil price, offshore oil and gas exploration
and production activities will pick up as demand for energy rises,' said DMG and Partners in a research note.
'This will be highly beneficial to operators which are capable of offering subsea services,' DMG said, adding
that Ezra's rating is currently under review.
DMG was also impressed by the gains from associates that arose from Ezra's diversification into the floating,
production, storage and offloading (FPSO) vessel market. Earnings rose sharply on contributions from Ezra
unit EOC's Lewek Arunothai FPSO which began operations in October.
Meanwhile, CIMB maintained its 'outperform' rating and raised its target price to $3.08 as it expects 'stocks
catalysts from the announcement of material earnings-accretive acquisitions and accelerated order wins'.
CIMB is also bullish on Ezra's subsea prospects. 'We are expecting more subsea contracts on the back of the
delivery of incoming subsea-capable vessels such as two liftboats and a well intervention subsea construction
vessel by 1H10,' it said.
Q1 revenue, however, was lower, falling 46 per cent to US$61 million, mainly on lower year-on-year
recognition of engineering projects undertaken by marine services. But CIMB was unfazed by the revenue drop.
'We note that recognition is based on project milestones and there is no cause for concern,' CIMB said. It is also
optimistic about further gains as EOC's second FPSO comes online.
BT 16 Jan10
daphnecsf ( Date: 15-Jan-2010 11:25) Posted:
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ya lor... will buy some back if can drop to 2.40
heng sold all at 2.60 yesterday before lunch.
tanh2l ( Date: 15-Jan-2010 15:32) Posted:
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