EMS Energy

EMS Energy: Provides a corporate and business update following its strategic review to counter the challenging macro-economic and operating environment. The major strategic thrusts going forward are: i) to establish strategic business units for its three main product groups comprising rig solutions, crane and lifting solutions and marine solutions, ii) to leverage on its local partners’ connections to obtain orders, eg. its joint marketing agreement with Scana Offshore Vestby of Norway, and iii) to source for a larger waterfront facility to increase productivity and capacity to produce higher-margin offshore modules. Implementation of the strategy thus far, has led the group to secure various projects, worth >$70m to date, to be progressively recognized by the end of FY14. Mgt is cautiously optimistic that in view of the strategic actions being undertaken and the projects in hand, the group’s revenue and gross profit in 2H13 will exceed that of 1H13.