Net income rose 62% year-on-year to$45.2m versus the $27.9m seen a year ago excluding gains from a one offdisposal.
The Singapore-listed company said revenue forthe quarter came in at $94.4m, up 72.3% on the $54.8m seen a year ago.
“The increase inrevenue was mainly due to the chartering contribution from the deployment of additionalunits of the group’s service rigs,” Ezion said.
Thegroup’s total equity increased by $77.3m to $877.6m thanks to the profitsderived in the first quarter and the issuance of new ordinary shares and redeemableexchangeable preference shares.
Ezionsaid the strengthened balance sheet will enable additional investments in the group’sservice rigs to meet the strong and growing demand.
Chiefexecutive Chew Thiam Keng said: “The management is witnessing increased focuson platform and well related work by the oil majors in Asia Pacific, MiddleEast and West Africa.
“Asa result of this concentration, the group will continue to focus on investmentin service rigs to meet the strong demand.”
Hesaid Ezion will also explore new ways to restructure its port and marine basebusiness to enable it to concentrate on its current key business activities.
Ezion is a major operator of multi-purpose self-propelled jack-up rigs, or liftboats, with five vessels due to come into service this year.
It also owns a fleet of 30 vessels, consisting of tugs, ballastable barges, offshore support vessel and self-propelled barges.
