Ezion Receives $269M Contracts to Supply 2 Service Rigs

Singapore's Ezion Holdings Limited received two contracts, worth nearly $269 million, for the provision of service rigs for operations in Southeast Asia and the North Sea, the company said in seperate announcements on the Singapore Exchange Tuesday.

Under the first contract, Ezion will supply a service rig to a Southeast Asian-based national oil company to support its oil and gas activities for around $146 million for 5 years, including extension options. The service rig is expected to be deployed for work in Southeast Asian waters by the third quarter of 2016.

The second deal, valued at approximately $122.6 million, requires the firm to provide a service rig to an east European based national oil major in the North Sea for 7 years period in support of the latter's upstream oil and gas work.

"The Service Rig is expected to be deployed and working in the North Sea by 2Q 2015," Ezion said in a press release.

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