Ezra Holdings, the support and marine services provider in the offshore oil & gas sector, says it posted a 93% y-o-y increase in net attributable profit (PATMI) to US$18.4 million ($25.5 million) for the 1QFY10 ended Nov 30 2009, helped by a foreign exchange gain, compared with a foreign exchange loss for the year-ago quarter.

Revenue fell 46% y-o-y to US$61 million due to a decrease in revenue from the Marine Services Division by US$17.1 million and a decrease in the contribution from Deepwater Subsea Services Division by US$39.1 million less. But

Just last week, Ezra expanded its energy services unit’s capabilities and capacity for providing well-intervention and hydraulic work-over services, making various acquisitions of state-of-the-art energy service equipment at distressed prices.

About three months ago, the group made another acquisition at distressed prices — a shipset to be used for the design and construction of an ice-class flexlay vessel — that will enable it to enjoy a considerable premium in charter rates as such vessels are quite scarce.

Despite this steady asset expansion to fuel growth, Ezra says the group’s balance sheet remains sound, with its net gearing ratio staying healthy at 0.3 times.

In line with the growth in profits, its interest cover improved from 6.5 times in 1Q FY09 to 10.7 times in 1Q FY10.

Managing Director Lionel Lee, says: “Our energy services unit has built up an enviable track record since it was established three years ago, strengthening ties with various oil majors in the industry along the way. Armed with the recent acquisitions of sophisticated specialised equipment, this unit will pave the way for us to secure deepwater subsea contracts for our incoming subsea-capable vessels. Thus, we are confident that the group will be able to march swiftly into our next stage of growth.”