Net income was $22.1m versus the $33m seen a year ago. Revenue increasedfrom $247.1m in the second quarter of 2013 to $300.4m.
EMAS Marine, Ezra’s offshoresupport services division, was the chief culprit for the deterioration in thefinancial performance.
The divisionexperienced higher operating costs, while its anchor handling segmentexperienced weaker utilisation during the quarter.
However,things are expected to improve as Ezra confirmed that it has installed a new seniormanagement team at EMAS Marine.
BennettNeo and Mike Wallace have been named as the new chief executive and chiefoperating officer of EMAS Marine respectively.
Ezradid report a better first half performance with net profit doubling to $14.3mover the previous corresponding period.
Revenuefor the six months ended 28 February 2014 grew 22% to $640.3m, with the subseadivision EMAS AMC the key driver of revenue growth.
“Weexpect to see further earnings growth in 2014 and an increase in ourprofitability as we leverage economies of scale,” said Ezra chief executive LionelLee.
Separately,the company announced Friday that it had secured an offshore installationcontract in the Gulf of Mexico from Noble Energy.
The contract will see Ezra install pipelines,umbilicals and ancillary equipment for Noble’s Gunflint Project starting in2015.
