Ezion to Provide Service Rig for Operations Offshore Myanmar

Singapore’s Ezion Holdings Limited  has sealed a charter contract with a value of up to USD 118 million over a 3 year period to provide a service rig to be used by a European based multinational oil company to support its oil and gas activities in offshore Myanmar.

The Service Rig is expected to be deployed and working in the field of Yadana before the end of 2012 after its refurbishment and upgrading. Ezion said that the project would be funded through internal resources as well as bank borrowings.  The charter will not have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31 st December 2012.

Ezion owns one of the largest and most sophisticated class of Multi Purpose Self Propelled Jack up Rigs (“Liftboats”) in the world and one of the first to promote the usage of Liftboats in Asia & Middle East. Ezion’s Liftboats are used mainly for well servicing, commissioning, maintenance and decommissioning of offshore platforms.

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Offshore Energy Today Staff, February 22, 2012; Image: Ezion Holdings Limited