Shares of Singapore’s oil and gas services firm Ezra Holdings (EZRA.SI) rose as much as 4.5% on Tuesday, on bargain-hunting and after it reiterated its orderbook for the subsea segment was on track to hit US$1 billion ($1.2 billion).
At 10:23 a.m., shares of Ezra were 2.9% higher at $1.245 on a volume of 7.8 million shares. This was 1.7 times its average daily turnover since the start of the year.
At 10:23 a.m., shares of Ezra were 2.9% higher at $1.245 on a volume of 7.8 million shares. This was 1.7 times its average daily turnover since the start of the year.
Ezra said significant progress has been made in the integration of Norway’s Aker Marine Contractors (AMC).
“We believe AMC’s capabilities and track record, together with Ezra’s expanding fleet of enabling subsea-construction vessels, will allow us to build up our orderbook and achieve our US$1 billion target for the segment,” said Jason Goh, senior corporate finance manager at Ezra.
Ezra’s shares had fallen about 16% after it announced disappointing third quarter earnings. Several brokerages also cut their earnings estimates for the firm, amid concerns that loss-making AMC may not turn profitable soon.
“Their share price has plunged, but it looks like an attractive buy at current levels as their longer-term outlook remains pretty positive,” said a local trader.
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