Ezion Bags $49.1M Service Rig Supply Contract

Singapore-listed Ezion Holdings Limited, an offshore services provider, secured a charter contract, worth approximately $49.1 million, to provide a service rig to an oil major to support the latter's oil and gas operations in the Middle East.

Under the contract, which has a duration of 4 years, the service rig will be deployed for work in offshore oil and gas fields in the Middle East around mid-2014 after its refurbishment and upgrading.

Ezion Holdings will form a joint venture with Kim Seng Holdings Pte Ltd. through its subsidiary, Scott & English Limited, to acquire and own the service rig in conjunction with the contract.

"The above mentioned project will be funded through internal resources as well as bank borrowings," the company said in a press release.

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