SINGAPORE (Nov 12): OCBC is maintaining its “buy” rating on Ezion Holdings, calling the company’s third-quarter results ‘decent’ under the current circumstances.

The provider of specialised vessels to the offshore oil and gas industry says third-quarter net profit was down 38.4% year-over-year to US$30.3 million ($43 million). Revenue fell 9.1% to US$86.2 million.

“Lower oil prices have reduced operating expenditure and clients have become more demanding in their requirements,” OCBC says.

The firm adds it is reviewing its fair-value estimate of $1.05.

Ezion shares are down 1.5% at 66.5 cents, underperforming a 0.8% fall in the benchmark Straits Times Index.