Ezion Receives $65M LOI to Supply Service Rig to Oil Major

Ezion Holdings Limited (the Company or Group), a Singapore-based offshore service provider, announced Monday that it has received a letter of intent with a contract value of up to approximately $65 million over a 3 year period to provide a Service Rig to be used by an oil major to support its oil and gas activities in South East Asia.

The Company is in the process of forming a joint venture company to order and own an additional Service Rig in conjunction with the above mentioned project.

The Service Rig is expected to be deployed and working in the Southeast Asian waters by late 3Q 2015.

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 Dec. 31.

None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the abovementioned transactions, save for their shareholdings in the Company.

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