The Board of Directors of Ezion Holdings Limited announces that it has secured a charter contract with a value of approximately USD 49.1 million over a 4 year period to provide a service rig to be used by an oil major to support its oil & gas activities in the Middle East, the company said in a press release.
The Service Rig is expected to be deployed and work ing in the offshore oil & gas fields in the Middle East around mid-2014 after its refurbishment and upgrading. In conjunction with above mentioned project, the Group will form a joint venture with Kim Seng Holdings Pte Ltd through its subsidiary, Scott & En glish Limited, to acquire and own the Service Rig. The above mentioned project will be funded through internal resources as well as bank borrowings. The abovementioned 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. None of the Directors or substantial shareholders of the Ezion has any interest, directly or indirectly, in the abovementioned transactions, sav e for their shareholdings in the Ezion.
