Ezra Holdings, the integrated support and marine services provider in the offshore oil & gas (O&G) sector, has posted 9% higher net attributable profit of US$76.1 million ($98.8 million) for the full year ended 31 August 2010 (FY10).

The group achieved a 24% increase in its profit from operations at US$78.1 million amidst a challenging operating environment during the year, a testament to Ezra’s business model of long term charters.

Turnover rose by 7% to US$353.6 million, supported largely by contributions from newly delivered vessels and increased procurement, equipment supply and engineering activities from the Vietnam yard.

In anticipation of its growth plans, the group successfully secured new funds of US$206.9 million through the issue of US$100 million in convertible bonds and a three-year unsecured financing, comprising $50 million in guaranteed notes and a syndicated term loan facility of US$70 million. In early October, Ezra raised a further $155.3 million in gross proceeds through a rights issue that achieved a subscription rate of almost 320%. These transactions were well received despite volatile capital market conditions.

“The success of our recent fund raising efforts clearly underlines the confidence the market has in our management capability to steer the Group further ahead as well as in Ezra’s business model, strategy and vision,” added Mr Lee.

Ezra concurrently announced the acquisition of Norway-based Aker Marine Contractors AS (AMC) from Oslo Bors-listed Aker Solutions ASA (Aker Solutions), a leading global provider of subsea products and engineering services, with a market capitalization of more than US$3.5 billion. AMC is an established subsea and marine engineering services provider known for its ability to execute highly complex projects. Both Ezra and Aker Solutions will also jointly offer complete subsea solutions to the O&G sector under a five- year Cooperation Agreement. This acquisition, together with the impending delivery of DP3 subsea construction vessel, Lewek Crusader, later this year and a second more advanced subsea construction vessel, Lewek Constellation in 2013, will add muscle to Ezra’s growth ambitions in the deepwater subsea segment.