Ezra Holdings, the integrated support and marine services provider in the offshore oil & gas sector, posted a 17.5% y-o-y growth in net attributable profit (PATMI) to US$28.8 million ($40.2 million) for its first half year ended 28 February 2010 (1H FY10).

The group says revenue declined 23% y-o-y to US$135.4 million in 1H FY10 due to the differing nature of projects undertaken by the Deepwater Subsea Services (DSS) arm and as a number of offshore support vessels were in transition to undertake their new charters. This was partially offset by higher procurement, equipment supply and engineering activities of the Marine Services (MS) division.

But Ezra says it achieved strong operating cashflow of US$11.7 million in 1H FY10, a vast improvement from the US$0.3 million achieved in the previous corresponding period. Ezra’s balance sheet remains healthy with a net debt to equity ratio of 0.5 times as at 28 February 2010 (0.3 times as at 31 August 2009) and an interest cover of 7.5 times (7.7 times in 1H FY09).

Meanwhile, the group also announced that its three core businesses had won new contracts worth US$79 million. Ezra’s Offshore Support Services (OSS) division clinched new and renewal charters for Anchor Handling, Towing and Supply (AHTS) vessels while the MS arm was awarded a US$50 million engineering and fabrication contract. The DSS division’s Energy Services unit also recently won a drilling and well-intervention contract.

Ezra recently added platform supply vessel Lewek Aries and AHTS vessel Lewek Merlin to its fleet, bringing the total number of offshore support vessels under its management and operation to 31. The group expects its three subsea-capable vessels to be slightly delayed due to further upgrading work customized for potential clients. Its two Multi-Functional Support Vessels under construction will be delivered in August and next March respectively, while the deepwater subsea construction vessel will arrive this August.