Wednesday, August 7, 2013

Ezion

Ezion: 2Q13 results above estimates; Oil services company 2Q13 earnings jumped 28.8% y/y to US$36.2m while revenue surged 80.9% to US$67.2m. This was mainly due to higher chartering contribution from the deployment of additional units of the group's multi-purpose self-propelled jack-up rig and a higher contribution from the offshore logistic support vessels services from the QCLNG (Queensland) project and the commencement of APLNG (Australia Pacific) and GLNG (Gorgon) projects. The Group expects more assets to be deployed in 2H13 and expect higher revenue from Australia with the commencement of the APLNG and GLNG projects in 2013. Mgmt will continue to focus on investment in service rigs to meet the strong demand from its customers in the oil and gas industry. Barring any unforeseen circumstance that may arise to destabilise the current financial market and global economy, the Group expects to perform better in the financial year ending 2013. Separately, Ezion proposed a bonus issue on the basis of 1-for-5.

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