Ezion Secures Letter of Intent for Liftboat Deal in Southeast Asia

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Singapore-listed Ezion revealed Tuesday that it has been awarded a letter of intent from a Southeast Asian state-linked corporation for the charter of a liftboat over a four-year period .

The contract, worth around $116.8 million, will start in 1Q 2015.

Ezion said that the liftboat will be deployed in the waters of Southeast Asia upon its completion around the end of 2014.

Ezion's performance last year was "spectacular," Maybank Kim Eng's Analyst Yeak Chee Keong noted in a sector update Jan. 10. The company clocked in at least one new contract win a month for the first 11 months of 2012.

Yeak noted that 2013 will be another year of strong contract wins for Ezion, as the company reaches its optimal liftboat fleet size of around 30 by the end of the year.

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