Ezion Holdings to Provide Two Service Rigs for Activities in North Sea

Singapore’s Ezion Holdings Limited has secured a charter contract and a letter of intent to provide two additional Service Rigs to be used by multinational oil majors to support their oil & gas activities in the North Sea.

The charter contract with a value of up to approximately USD 80 million over a 5 year period is to provide a third North Sea Class Service Rig to be used by an European oil major to support its oil & gas activities in offshore Denmark. The Service Rig is expected to be deployed and working in offshore Denmark by the end of 2012 after its minor refurbishment and upgrading.

The Group has also received a letter of intent with a value of up to approximately USD 87.6 million over a 4 year period to provide another Service Rig to be used in the same vicinity to support the offshore oil & gas activities in the area. The Service Rig is expected to be deployed and working in the North Sea by mid 2014.

[mappress]
Press Release, August 8, 2012