The Board of Directors of Ezion Holdings Limited announced 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 Service Rig is expected to be deployed and working 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 & English Limited, to acquire and own the Service Rig.
The above mentioned project will be funded through internal resources as well as bank borrowings.
Ezion Holdings, August 29, 2013