Ezion Inks MOU to Store, Distribute Fuel at Port Melville in Australia

Ezion Holdings Limited (Ezion or the Company and together with its subsidiaries the Group), a leading Singapore headquartered, Liftboat developer, owner and operator as well as offshore logistics support service provider, reported Thursday that its wholly owned subsidiary, Ezion Offshore Logistics Hub (Tiwi) Pty Ltd (EOLH) has entered into a memorandum of understanding with a large multinational fuel trading and distribution company for the potential storage and distribution of fuel on Port Melville in Northern Australia. The main activities of Port Melville will be marine base support and port services.

EOLH, which controls Port Melville, has been appointed in April as the exclusive port operator of Port Melville. It has received formal notification recognizing Port Melville as a security regulated port by the Australian Government under the Maritime Transport and Offshore Facilities Security Act 2003 (the Act).

EOLH is in the process of developing a 7.92 million gallon (30 million liter) tank farm on Port Melville to meet the fuel storage and distribution requirements of the oil and gas multinationals that are operating in the Northern Territory of Australia and the Timor Sea.

Captain Larry Johnson, CEO of Ezion’s Australian Operations said: “The fuel distribution and storage arrangement under discussion would form an important part of a wide range of port services being developed by Port Melville in support of the Oil & Gas Industry in Northern Australia and its vicinity. We also believe this project would be mutually beneficial to the two companies and is expected to significantly enhance the profitability of EOLH going forward”.

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