Ezion, AusGroup Ink MOU to Collaborate in Australia
Singapore-based offshore services provider Ezion Holdings Limited announced Wednesday that it has entered into a memorandum of understanding (MOU) with AusGroup Limited to explore and pursue opportunities for colloboration in areas such as the provision of logistics supply chain and related support services in agreed areas in Australia, including but not limited to the oil and gas and resources industries and marine industries.
The MOU outlines the intentions of the firms for increased collaboration, cooperation and interaction, but does not create any legally binding commitments. They will enter into separate agreements if both agree to undertake specific joint projects with legally binding obligations.
AusGroup, in which Ezion has a 6.9 percent interest, provides fabrication, construction and integrated services to build, maintain and upgrade oil and gas, mineral resource and infrastructure development projects.
"As the Group and AusGroup currently serve different segments of the supply chain to the oil and gas industries, the Company believes that there are synergies to be created from the Proposed Collaboration, which would enable the Company to value add and offer a larger range of services to its customers, as well as increase the value of its investment in AusGroup," Ezion said in a press release.
AusGroup will appoint 2 directors nominated by Ezion to its board. The first will be appointed shortly to help guide the AusGroup board on the plans for collaboration, while the other will be appointed later, after formalization of further collaboration.
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