Ezion bags Middle East charter. Profit grows

Singapore’s Ezion Holdings Limited has secured a charter contract with a value of approximately USD 63.9 million over a 5 year period to provide a service rig to be used by an oil major to support its oil & gas activities in the Middle East.

The Service Rig is expected to be deployed and working in the offshore oil & gas fields in the Middle East before end 2014 after its refurbishment and upgrading.

Ezion said that the charter was not expected to have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31st December 2014.

Also, Ezion reported its 1st quarter 2014 net profit grew 61.6% to US$45.2 million compared to 1Q 2013. Revenue increased 72.3%, rising to 94 million.

The increased in revenue was mainly due to the chartering contribution from the deployment of additional units of the Group’s service rigs.