Singapore’s Ezion Holdings has announced that it has in Joint Venture with Kim Seng Holdings Pte secured a contract with an approximate value of up to USD 148.6 million to provide a Service Rig over a 7 year period to support the oil & gas activities of a national oil major in Central America.
The oil major is believed to be Mexico’s state-run oil company, PEMEX.
The Service Rig which will be deployed in the Bay of Campeche is expected to be working in the 3rd Quarter of 2013. The JV will acquire and own the Service Rig to meet the requirements of the contract.
The acquisition will be funded through internal resources as well as bank borrowings.