Published:
Ezion clinches $96m service rig contract
It will be delivered by FY16.
Mainboard-listed offshore and marine firm Ezion revealed that it has secured an agreement with a contract value of up to USD76m for the provision of a service rig to a Southeast Asia-based national oil company to support its oil & gas activities.
The agreement has a period of 3 years and the rig is expected to be delivered by FY16.
According to OSK DMG, “Ezion remains our top pick in the offshore and marine space. We continue to like Ezion for its i) strong 50% recurring net profit growth for a couple of years at 10x P/E, ii) recession proof strategy, and iii) a lack of serious competitors in the Asia-Pacific space.”
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