Ezra Holdings books $55.3m loss in Q1

On back of its offshore support’s weak performance.

Ezra Holdings is bracing for a challenging 2016 following a net loss of $55.3m in Q1. According to a report by OCBC, the operator and O&G solutions provider booked a net loss of $18.6m from continued operations, and $36.7m from discontinued operations.

Despite the higher revenue earned through Triyards’ better performance, Ezra was weighed down by poor performance in the offshore support as its shallow water PSV segment remained weak.

“The global oil & gas industry continues to be challenging for the offshore marine and subsea companies. The volatility of the oil price and the depressed state of the oil and gas industry has led to reduced activity and uncertainty in new contract awards,” asserted Ezra Group CEO and Managing Director Lionel Lee.

Looking ahead, Ezra expects its financial performance for the rest of 2016 “to remain challenging.”