EMAS Offshore’s net profit surged 143% to $13.2m in Q2

Thanks to cost benefits from its merger.

EMAS Offshore reported that its net profit jumped 143% year-on-year to $13.15m (US$9.7m) in the second quarter, thanks to cost benefits and operational efficiencies from its merger with EOC.

However, EMAS posted a lower revenue of $82.55m (US$60.9m) for the quarter.

“The enlarged entity of EMAS Offshore has positioned us to better ride out oil price volatility. While revenues and utilisation rates have declined due to market conditions, we have realised cost benefits and operational efficiencies from the business combination. We are also pleased that the FPSOs, which are largely insulated from the current depressed oil prices, continue to contribute positively,” said Jon Dunstan, EMAS Offshore’s Chief Executive Officer.