SINGAPORE (May 13): Ezion Holdings' 1Q2015 earnings fell 9.4% y-o-y to US$41 million ($54.7 million) on lower revenue, but the company expects its performance for the rest of the year to pick up as some of its rigs currently under maintenance will be deployed before the end of June.

Revenue declined 4.6% to US$90.1 million as there were no contributions from its Australia-based marine and offshore logistics support business.

Contributions from its associate, Charisma Energy Services, rose 31% to US$8.2 million.

Some of Ezion's service rigs required more maintenance as they were made to work "at their limits", according to the company.

A few of them, and several others that are being modified, are expected to be redeployed before the end of June.

"The management is cautiously optimistic that the group expects to have stronger performance for the remaining of the year when some of the units are redeployed and new units are delivered," Ezion said today in comments accompanying its 1Q2015 results.

Ezion shares ended 2% lower at $1.205 yesterday.