Ezion received a letter of intent to provide a service rig to support a South East Asian based national oil company
Ezion Holdings Limited has received a letter of intent wi th a value of up to approximately USD 82.1 million over a 5 year period to provide a Service Rig to be used by a Southeast Asian based national oil company to support its oil & gas activities, said in the company's press release.
In order to meet the requirement of the letter of i ntent, the company will order an additional Service Rig. The Service Rig is expected to be deployed and working in the Southeast Asian waters by late 1Q 2015. The above mentioned project will be funded through the issuance of redeemable exchangeable preference shares by a wholly-owned subsidiary of t he company as well as bank borrowings. The above mentioned charter is not expected to have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31 st December 2013.
About Ezion Holdings Limited
Ezion Holdings Limited has 2 main business divisions that specialises in the developm ent, ownership and chartering of strategic offshore assets and the provision of offshore marin e logistics and support services to the offshore oil and gas industries. The Group is the owner of one of the largest and mo st sophisticated class of Multi-Purpose Self Propelled Jack-up Rigs (“Liftboats”) in the world a nd one of the first to promote the usage of Liftboats in Asia & Middle East. Ezion’s Liftboats are used mainly for well-servicing, commissioning, maintenance and decommissioning of o ffshore platforms. The Group is also the owner of a fleet of vessels, consisting of tugs, ballastable barges, offshore support vessel and self-propelled barge that are us ed in the provision of offshore marine logistics and support services to the offshore oil and gas in dustries.
The Group’s fleet of ballastable barges, one of the largest in the region, has been specially reinforced and modified to carry the prefabricated modules in the construction of LNG ex traction facilities and jackets for the offshore oil and gas industries. The Group’s operating companies also offers a range of services to include marine consulting related to the development & construction and marin e logistic solutions for marine offshore facilities. Branch offices in Korea, The United States of America and Australia provide logistics, supercargo, engineering and freight forwarding to c omplement existing operations.