Ezion Secures $64M Deal to Supply Service Rig to Oil Major for ME Work

Ezion Holdings Limited, a Singapore-based liftboat and offshore logistics support services provider, reported Wednesday that it has secured a 5-year charter contract worth approximately $63.9 million to provide a service rig to an oil major for work in the Middle East.

The service rig will be deployed to work in the offshore oil and gas fields in the Middle East before the end of 2014 after completing refurbishment and upgrading.

Meanwhile, Ezion reported a net profit of $45.21 million, excluding disposal gain in first quarter 2013 (1Q 2013), in 1Q 2014, or 61.6 percent higher than the previous year's $27.97 million. Revenue rose 72.3 percent in the corresponding period to $94.43 million, with the increase attributed mainly to the chartering contribution from the deployment of additional units of service rigs.

“The management is witnessing increased focus on platform and well related work by the oil majors in Asia Pacific, Middle East and West Africa. As a result ... the Group will continue to focus on investment in Service Rigs to meet the strong demand,” Chew Thiam Keng, Ezion’s CEO said in a press release.

Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)

Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Accountant
Expertise: Accounting
Location: Chantilly
Channel Development Manager Job
Expertise: Business Development|Sales
Location: Minneapolis, MN
Loss Control Engineer Job
Expertise: Fire Protection|Loss Prevention|Reliability Engineer
Location: Amarillo, TX
search for more jobs

Brent Crude Oil : $56.43/BBL 0.40%
Light Crude Oil : $50.55/BBL 0.27%
Natural Gas : $2.95/MMBtu 5.44%
Updated in last 24 hours