EDBI Buys Shares in Ezion for $15.56 million (Singapore)

Ezion Holdings Limited, a leading Singapore headquartered, offshore logistics support service provider, announced the subscription of approximately 14.3 million new ordinary shares by strategic investor, EDB Investments Pte Ltd, the corporate investment arm of Singapore’s Economic Development Board, for approximately S$19 million (USD 15.58 million).

Owning one of the largest and most sophisticated class of Multi-Purpose Self Propelled Jack-up Rigs (“Liftboats”) globally, Ezion today has operations around the world. It is one of the first to promote the usage of Liftboats in Asia, Middle East and West Africa. Ezion is also the market leader in Southeast Asia and Australia to have the experience and track record to handle offshore logistics projects in environmentally challenging conditions. Ezion expects to grow its fleet and capabilities significantly as it strives to achieve its vision to be a world-class corporation and the market leader in Asia Pacific.

“Ezion has an excellent growth record and supports significant players in the Oil & Gas industry”, said Chu Swee Yeok, CEO of EDBI. “We believe that Ezion’s differentiating capabilities and global market focus will further enhance Singapore’s competitiveness and leadership in the Marine & Offshore industry which is a significant contributor to Singapore’s economy. This investment demonstrates EDBI’s commitment to grow globally competitive businesses to build sustainable industry pillars for Singapore.”

Chew Thiam Keng, Group CEO of Ezion said: “We are very happy to be working with EDBI. This strategic relationship with EDBI will allow Ezion to leverage on our esteemed partner’s extensive network of resources and vast experience to further expand our business in the vibrant offshore Oil and Gas industry. We also believe that the proceeds received from this investment will allow us to better position ourselves to meet the strong demand of clients for our product and services.”

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Press Release, December 18, 2012; Image: levingstonoffshore