Ezion inked USD49.1m service rig deal in the Middle East

It is estimated to be deployed in mid-2014.

In a release, 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.

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 31st December 2013.

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