SINGAPORE (May 12): Ezion Holdings' earnings more than halved to US$15.49 million ($21.2 million) in the first quarter ended March 31, 2016, from US$41.01 million a year ago.

Revenue declined 8.9% to US$82.1 million from US$90.1 million, mainly due to the absence of contribution from projects in Queensland, Australia that did not go into additional trains as originally planned.

A few multi-purpose self-propelled jack-up rigs and jack-up rigs that underwent modifications and routine class surveys also dragged down top line.

Ezion reckons that its performance for the next six months will continue to be affected by the difficult operating environment in the oil & gas and offshore & marine sectors.

It will focus on putting several of its assets back to service and deploy a few other vessels for alternative use to minimise the impact.

Shares of Ezion ended 1% lower at 49 cents on Thursday.