The Board of Directors of Ezion Holdings Limited announced that it has received a letter of intent with a value of up to approximately USD 82.1 million over a 5 year period to provide a Service Rig to be used by a Southeast Asian based national oil company to support its oil & gas activities.
In order to meet the requirement of the letter of intent, the Company will order an additional Service Rig. The Service Rig is expected to be deployed and working in the Southeast Asian waters by late 1Q 2015.
The above mentioned project will be funded through the issuance of redeemable exchangeable preference shares by a wholly-owned subsidiary of the Company as well as bank borrowings.
[mappress] Press Release, July 18, 2013