Ezion receives a letter of intent with a contract value of up to USD 65 million to provide a service rig
The Board of Directors of Ezion Holdings Limited announces that it has received a letter o f intent with a contract value of up to approximately USD 65 million over a 3 year perio d to provide a Service Rig to be used by an oil major to support its oil & gas activities in South East Asia, the company said in its press release. The Company is in the process of forming a joint ve nture company to order and own an additional Service Rig in conjunction with the a bove mentioned project. The Service Rig is expected to be deployed and work ing in the Southeast Asian waters by late 3Q 2015. 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 p er share for the financial year ending 31 st December 2013. None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the abovementioned trans actions, save for their shareholdings in the Company.