EMAS Offshore recorded a 626% y-o-y increase in FY2015 earnings to US$199.5 million ($276 million), boosted by a US$154.7 million negative goodwill arising from the completion of the business combination of EOC Limited and EMAS Marine on Oct 3, 2014.
Revenue for the year decreased 13% to $247.2 million.
In 4Q ended August, the group recorded a 181% increase in earnings to US$36.3 million. Revenue declined 19% to US$54.3 million, mainly due to weakness in both the shallow water platform support vessels and anchor handling, towing and supply vessels segments.
Captain Adarash Kumar, EMAS Offshore’s CEO, says the group is likely to experience intense price competition on its charter rates and a tapered rate for its vessel utilisation.
“We are focused on opportunities for our offshore assets and accommodation and support services, and barring any major long-term disruption, we will be able to benefit from an eventual upturn,” he says.
Additionally, EMAS Offshore says it has clinched contracts valued at US$33 million for work in West Africa and Asia. The contracts awarded are part of EMAS Offshore’s strategy of focusing its efforts in West Africa where offshore activities remain healthy.
EMAS shares closed 14% higher at 22 cents.
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Revenue for the year decreased 13% to $247.2 million.
In 4Q ended August, the group recorded a 181% increase in earnings to US$36.3 million. Revenue declined 19% to US$54.3 million, mainly due to weakness in both the shallow water platform support vessels and anchor handling, towing and supply vessels segments.
Captain Adarash Kumar, EMAS Offshore’s CEO, says the group is likely to experience intense price competition on its charter rates and a tapered rate for its vessel utilisation.
“We are focused on opportunities for our offshore assets and accommodation and support services, and barring any major long-term disruption, we will be able to benefit from an eventual upturn,” he says.
Additionally, EMAS Offshore says it has clinched contracts valued at US$33 million for work in West Africa and Asia. The contracts awarded are part of EMAS Offshore’s strategy of focusing its efforts in West Africa where offshore activities remain healthy.
EMAS shares closed 14% higher at 22 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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